Contract specification

Firstly can you explain the delivery dates

Tapos contract specification on other contracts of other commodities they have average prices option specification ? What are these.

minimum price movment what does the ring , lme select and intero ffice mean.

How do i work out the value of a minimum price fluctuation in this contract.

Thank you

With futures you buy or sell a financial instrument or commodity at a future price. Holders of futures, unlike options, have the obligation to buy or sell at that date. The final date is called the delivery date and the next trading the next future will start to trade, i.e. if december expires january will start.

In other words at that date the good needs to be delivered or cash trasnferred.

Minimum price fluctuation depends on the future contract, i.e. some move in quarter points, some in full point etc.

The ring is a circular area on the trading floor where trades are executed, the ring as far as price is concerned usually relates to the current price of the future in the ring.

LME select is electronic trading platform and prices quoted as LME select refer to the current price on that platform.

Inter-Office are trades conducted through the phone. You contact your broker, ask for the price and conduct the trade over the phone.