What does First Notice Day mean?
The day in which the buyer of a futures contract can be called upon by the exchange to take delivery of the underlying commodity. First notice day occurs prior to expiration of the corresponding futures contract. First notice day may be different for each commodity and is fixed by the exchange.
Futures Knowledge Explains First Notice Day
This is the earliest day when notices of intent to deliver underlying commodities can be given. Market participants may choose to avoid dealing with the physical delivery of underlying assets by offsetting their obligation prior to first notice day.