Metals

COMEX

The CME Group division that lists gold, silver and copper futures and runs the approved vault system behind them.

Copper futures (HG)

COMEX contracts on 25,000 pounds of grade 1 copper, quoted in cents per pound with a tick of 0.05 cents worth $12.50.

Gold-silver ratio

The number of ounces of silver that buy one ounce of gold, used as a relative-value gauge and traded as a ratio-weighted intercommodity spread.

Good delivery bar

A bar meeting an exchange's or association's specification for weight, purity, refiner and markings, and therefore acceptable for settlement of a futures or bullion contract.

Hunt brothers silver corner (1979-1980)

The attempt by Nelson and William Hunt to corner the silver market, which drove silver from about $6 to $50 an ounce before exchange rule changes collapsed it to $11 in days.

LME nickel squeeze (March 2022)

A short squeeze that doubled nickel prices to over $100,000 a tonne in hours, after which the London Metal Exchange cancelled eight hours of trades — an unprecedented intervention.

London fix (LBMA price)

The twice-daily auction that sets a benchmark spot price for gold, and a daily one for silver, used to value contracts, reserves and ETF holdings worldwide.

Managed money

The disaggregated COT category covering registered commodity trading advisors, commodity pool operators and hedge funds trading futures for clients.

Palladium futures (PA)

NYMEX contracts on 100 troy ounces of palladium, a thin and violently volatile market driven by petrol autocatalyst demand and Russian and South African supply.

Platinum futures (PL)

NYMEX contracts on 50 troy ounces of platinum, quoted in dollars per ounce with a tick of $0.10 worth $5.

Registered and eligible stocks

Exchange vault categories: registered metal is backed by warrants and deliverable now; eligible metal meets the spec but is not currently offered for delivery.

Retender

Passing on a delivery notice you have been assigned by reselling the contract and issuing a fresh notice, rather than paying for and keeping the commodity.

Silver futures (SI)

COMEX contracts on 5,000 troy ounces of refined silver, quoted in cents per ounce with a half-cent tick worth $25.

Troy ounce

The unit precious metals are priced in: 31.1035 grams, about 10% heavier than the ordinary avoirdupois ounce used for everything else.

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