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Global Futures Markets: Standard Contract Sizes, Exchanges, Average Monthly Volumes

ENERGY

CO     Brent Crude Oil

 
Major Market: Intercontinental Exchange (ICE), United Kingdom
Contract Size: 1,000 barrels (42,000 U.S. gallons)
Price Quote: US$ per gallon
Delivery Point for:
Physical Settlement
Sullom Voe , Scotland
Avg. Monthly Volume: 264,120 (ICE)
Daily Price Limit: None
   

HO     Heating Oil #2

 
Major Market: New York Mercantile Exchange (NYMEX)
Contract Size: 1,000 barrels (42,000 U.S. gallons)
Price Quote: US$ per gallon
Delivery Point for:
Physical Settlement
Seller's ex-shore facility in New York Harbor
Avg. Monthly Volume: 1,626,325 (NYMEX)
Daily Price Limit: $0.25 per gallon
   

QS     Gasoil

 
Major Market: Intercontinental Exchange (ICE), United Kingdom
Contract Size: 100 Metric tons of gasoil
Price Quote: US$ per ton
Delivery Point for:
Physical Settlement
Delivered by barge in Antwerp , Rotterdam , Amsterdam Physical (ARA)
Avg. Monthly Volume: 111,126 (ICE)
Daily Price Limit: None
   

NG     Natural Gas

 
Major Market: New York Mercantile Exchange (NYME)
Contract Size: 10,000 million British Thermal Units (mmBtu)
Price Quote: US$ per mmBtu
Delivery Point for:
Physical Settlement
Buyer's interconnection point at the Henry Hub in Erath , Louisiana
Avg. Monthly Volume: 151,977 (NYMEX)
Daily Price Limit: $3 per mmBtu ($30,000 per contract) for all months
   

PG     RBOB Gasoline (NY Harbor)

 
Major Market: New York Mercantile Exchange (NYME)
Contract Size: 42,000 gallons
Price Quote: US$ per gallon
Delivery Point for:
Physical Settlement
Customer's New York Harbor ex-shore facility
Avg. Monthly Volume: 1,703 (NYMEX)
Daily Price Limit: $0.25 per gallon, plus or minus the previous day's settlement price
   

EN     WTI Crude Oil (ICE)

 
Major Market: Intercontinental Exchange (ICE), United Kingdom
Contract Size: 1,000 barrels (42,000 gallons)
Price Quote: US$ per barrel
Delivery Point for:
Physical Settlement
Cash settlement only
Avg. Monthly Volume: 197,569 (ICE)
Daily Price Limit: None
   

CL     WTI Crude Oil (NYMEX)

 
Major Market: New York Mercantile Exchange (NYMEX)
Contract Size: 42,000 gallons
Price Quote: US$ per barrel
Delivery Point for:
Physical Settlement
Cushing , Oklahoma
Avg. Monthly Volume: 11,181,833 (NYMEX)
Daily Price Limit: $10 per day, plus or minus the previous day's settlement price
   

FIBRES

CT     Cotton (No. 2)

 
Major Market: New York Mercantile Exchange (NYMEX)
Contract Size: 50,000 pounds net weight (approximately 100 bales) with a variation of one percent (%)
Price Quote: Cents per pound
Delivery Point for:
Physical Settlement
Various ( Galveston , Houston , Greenville , Memphis , New Orleans )
Avg. Monthly Volume: 513,580 (NYMEX)
Daily Price Limit: Three cents per pound, plus or minus the previous day's settlement price. Can increase to four and five cents under certain circumstances

L     Lumber

 
Major Market: Chicago Mercantile Exchange (CME)
Contract Size: 110,000 board feet of random length 8- to 12-foot 2x4s
Price Quote:

US$ per thousand board feet

Delivery Point for:
Physical Settlement
As per buyer's settlement instructions and with prepaid freight charges using the lowest published freight rate for a 73-foot rail car from Prince George , BC .
Avg. Monthly Volume: 36,468 (CME)
Daily Price Limit: $10 per thousand board feet above or below the previous day's settlement price
   

JRU     Rubber

 
Major Market: Central Japan Commodity Exchange (C-COM), Japan
Contract Size: 10,000 kilograms (Ribbed Smoked Sheet No. 3 and No. 4)
Price Quote: Japanese Yen per kilogram
Delivery Point for:
Physical Settlement
Exchange-designated warehouse in Singapore
Avg. Monthly Volume: 2,569 (OME)
Daily Price Limit: JPY 3.0/kilogram if the average closing price the prior month is less than JPY 70.0, variable thereafter
   

JSK     Silk

 
Major Market: Kansai Commodities Exchange (KANEX), Japan
Contract Size: 300 kilograms
Price Quote: US$ per kilogram
Delivery Point for:
Physical Settlement
Exchange-designated warehouse
Avg. Monthly Volume: 244 (KANEX)
Daily Price Limit: If the contract is less than $20 the limit is $0.65, floats thereafter
   

GW     Wool

 
Major Market: Sydney Futures Exchange (SFE), a division of the Australian Stock Exchange
Contract Size: 2,500 kilograms of merino combing wool
Price Quote: Australian cents per kilogram of clean weight
Delivery Point for:
Physical Settlement
Exchange-designated warehouse
Avg. Monthly Volume: 799 (SFE)
Daily Price Limit: None
   

FOODSTUFFS

CJ     Cocoa

 
Major Market (s): New York Mercantile Exchange (NYMEX) and NYSE Euronext, United Kingdom
Contract Size: 10 metric tons
Price Quote: US$ per metric ton
Delivery Point for:
Physical Settlement
Financial settlement only
Avg. Monthly Volume: 299,320 (NYMEX)
Daily Price Limit: None
   

KT     Coffee

 
Major Market (s): New York Mercantile Exchange (NYMEX); Bolsa de Mercadorias& Futuros (BM&F), Brazil ; Tokyo Grain Exchange (TGE), and NYSE Euronext , United Kingdom
Contract Size: 37,500 pounds
Price Quote: Cents per pound
Delivery Point for:
Physical Settlement
Financial settlement only
Avg. Monthly Volume: 453,876 (NYMEX)
Daily Price Limit: None
   

OJ     Orange Juice

 
Major Market (s): New York Mercantile Exchange (NYMEX) and Intercontinental Exchange (ICE), United Kingdom .
Contract Size: 15,000 pounds or orange solids
Price Quote: Cents per pound
Delivery Point for:
Physical Settlement
A variety of counties in Florida and California as well as Wilmington, Delaware; Port Elizabeth, New Jersey; Newark, New Jersey; other primary markets determined by the board
Avg. Monthly Volume: 59,209 (NYMEX)
Daily Price Limit: $0.10 per pound above or below the previous day's settlement price
   

PB     Pork Bellies

 
Major Market: Chicago Mercantile Exchange (CME)
Contract Size: 40,000 pounds or frozen bellies
Price Quote: Cents per pound
Delivery Point for:
Physical Settlement
Exchange-approved warehouse
Avg. Monthly Volume: 4,725 (CME)
Daily Price Limit: No trading at a price more than $0.02 or $0.03 or $0.045 per pound above or below the previous day's settlement price
   

SB     Sugar #11

 
Major Market (s): Intercontinental Exchange New York (ICE), white sugar is traded on NYSE Euronext, United Kingdom
Contract Size: 112,000 pounds (50 long tons)
Price Quote: Cents per pound
Delivery Point for:
Physical Settlement
A port in the country of origin or in the case of landlocked countries, at a berth or anchorage in the customary port of export.
Avg. Monthly Volume: 2,252 (ICE- New York )
Daily Price Limit: None
   

GRAINS

C     Corn

 
Major Market: Chicago Mercantile Exchange (CME) - Formerly Chicago Board of Trade
Contract Size: 5,000 bushels
Price Quote: Cents per bushel
Delivery Point for:
Physical Settlement
Physical Delivery
Avg. Monthly Volume: 4,996,442 (CBOT)
Daily Price Limit: $0.30 per bushel
   

O     Oats

 
Major Market (s): Chicago Mercantile Exchange (CME) and Intercontinental Futures Exchange Canada - formerly the Winnipeg Commodity Exchange (WCE), Canada.
Contract Size: 5,000 bushels
Price Quote: Quarter cents per bushel
Delivery Point for:
Physical Settlement
Physical Delivery
Avg. Monthly Volume: 36,799 (CBOT)
Daily Price Limit: $0.20 per bushel plus or minus the previous day's settlement price
   

RR     Rough Rice

 
Major Market: Chicago Mercantile Exchange (CME)
Contract Size: 2,000 cwt (hundredweight) of U.S. No. 2 or better long grain rough rice
Price Quote: Half cent per hundredweight
Delivery Point for:
Physical Settlement
Exchange-approved warehouses throughout Arkansas
Avg. Monthly Volume: 11,853 (CBOT)
Daily Price Limit: $0.50 per hundredweight, expandable to $0.75 and then to $1.15 when the market closes at limit bid or limit offer
   

S     Soybeans

 
Major Market: Chicago Mercantile Exchange (CME)
Contract Size: 5,000 bushels (Nos. 1, 2, and 3)
Price Quote: Cents per bushel
Delivery Point for:
Physical Settlement
Physical delivery
Avg. Monthly Volume: 3,031,083 (CBOT)
Daily Price Limit: Based on previous days' settlement plus or minus $0.50 per bushel
   

SM     Soybean Meal

 
Major Market: Chicago Mercantile Exchange (CME)
Contract Size: 100 tons of soybean meal (min. 48% protein, 0.5% fat)
Price Quote: US$ per short ton
Delivery Point for:
Physical Settlement
Decat ur , Illinois
Avg. Monthly Volume: 1,112,833 (CBOT)
Daily Price Limit: $20 per short ton
   

BO     Soybean Oil

 
Major Market:

Chicago Mercantile Exchange (CME)

Contract Size: 60,000 pounds
Price Quote: Cents per pound
Delivery Point for:
Physical Settlement
Physical delivery
Avg. Monthly Volume: 1,402,367 (CBOT)
Daily Price Limit: Two cents per pound
   

W     Wheat

 
Major Market (s): Chicago Mercantile Exchange (CME) and throughout the world.
Contract Size: Soft red wheat (No. 1 and 2)
Price Quote: Cents per bushel
Delivery Point for:
Physical Settlement
Physical delivery
Avg. Monthly Volume: 1,584,333 (CBOT)
Daily Price Limit: $0.60 per bushel
   

INDUSTRIAL METALS

Al     Aluminum

 
Major Market:

London Metals Exchange (LME), United Kingdom

Contract Size: 25 metric tons of 99.7% purity in the form of ingots, T-bars, and Sows
Price Quote: US$ per ton
Delivery Point for:
Physical Settlement
LME-approved warehouse
Avg. Monthly Volume: 4,035,900 (LME)
Daily Price Limit: None
   

CA     Copper

 
Major Market: London Metals Exchange (LME), United Kingdom
Contract Size: 25 metric tons conforming to BS EN 1978:1998 in the form of cathodes
Price Quote: US$ per ton
Delivery Point for:
Physical Settlement
LME-approved warehouse
Avg. Monthly Volume: 2,333,316 (LME)
Daily Price Limit: None
   

PB     Lead

 
Major Market: London Metals Exchange (LME), United Kingdom
Contract Size: 25 metric tons of 99.97% purity in the form of ingots
Price Quote: US$ per ton
Delivery Point for:
Physical Settlement
LME-approved warehouse
Avg. Monthly Volume: 518,410 (LME)
Daily Price Limit: None
   

NI     Nickel

 
Major Market: London Metals Exchange (LME), United Kingdom
Contract Size: 6 metric tons of 99.80% purity in the form of full plate, cut cathodes, pellets, or briquettes
Price Quote: US$ per ton
Delivery Point for:
Physical Settlement
LME-approved warehouse
Avg. Monthly Volume: 432,869 (LME)
Daily Price Limit: No price limits
   

SN Tin

 
Major Market: London Metals Exchange (LME), United Kingdom
Contract Size: 5 metric tons of 99.85% purity in the form of ingots
Price Quote: US$ per ton
Delivery Point for:
Physical Settlement
LME-approved warehouse
Avg. Monthly Volume: 112,941 (LME)
Daily Price Limit: No price limits
   

ZN     Zinc

 
Major Market: London Metals Exchange (LME), United Kingdom
Contract Size: 25 metric tons of 99.995% purity in the form of ingots
Price Quote: US$ per ton
Delivery Point for:
Physical Settlement
LME-approved warehouse
Avg. Monthly Volume: 1,343,052 (LME)
Daily Price Limit: None
   

LIVESTOCK

LC     Live Cattle

 
Major Market: Chicago Mercantile Exchange (CME)
Contract Size: 40,000 pounds of 55% Choice, 45% Select grades of live steers
Price Quote: Cents per pound
Delivery Point for:
Physical Settlement
Various approved livestock yards, e.g., Syracuse , Kansas ; Tulia , Texas; Columbus, Nebraska; Dodge City, Kansas; Amarillo, Texas; Norfolk, Nebraska; North Platte, Nebraska; Ogallala, Nebraska; Pratt, Kansas; Texhoma, Oklahoma; and Clovis, New Mexico.
Avg. Monthly Volume: 816,780,000 (CME)
Daily Price Limit: No trading at a price more than $0.03 per pound above or below the previous day's settlement price
   

LH     Lean Hogs

 
Major Market: Chicago Mercantile Exchange (CME)
Contract Size:

40,000 pounds of lean value hog carcasses that fall within the packer base weight range

Price Quote: Cents per pound
Delivery Point for:
Physical Settlement
No physical delivery; cash settlement only
Avg. Monthly Volume: 08,762 (CME)
Daily Price Limit: No trading at a price more than $0.03 per pound above or below the previous day's settlement price
   

PRECIOUS METALS

GC     Gold

 
Major Market (s): New York Mercantile Exchange (COMEX division); Bolsa de Mercadorias and Futuros (BM&F), Brazil; Tokyo Commodity Exchange (TOCOM), Japan; the Chicago Mercantile Exchange (CME); and the Korea Exchange, Korea
Contract Size: 100 troy ounces
Price Quote: US $ per troy ounce
Delivery Point for:
Physical Settlement
Exchange-licensed facilities within a 150 mile radius of the city of New York
Avg. Monthly Volume: 3,198,108 (COMEX)
Daily Price Limit: Limit based on previous day's settlement price is $75
   

PA     Palladium

 
Major Market (s): New York Mercantile Exchange (NYMEX) and Tokyo Commodities Exchange (TOCOM), Japan
Contract Size: 100 Troy ounces with a purity of 99.95%
Price Quote: US $ per troy ounce
Delivery Point for:
Physical Settlement
Licensed depository
Avg. Monthly Volume: 40,141 (NYMEX)
Daily Price Limit: None
   

PL     Platinum

 
Major Market (s): New York Mercantile Exchange (NYMEX) and Tokyo Commodities Exchange (TOCOM), Japan
Contract Size: 50 troy ounces with a purity of 99.95%
Price Quote: US $ per troy ounce
Delivery Point for:
Physical Settlement
Licensed depository
Avg. Monthly Volume: 40,141 (NYMEX)
Daily Price Limit: None
   

SI     Silver

 
Major Market (s): COMEX Division of NYMEX (COMEX); the Chicago Mercantile Exchange (CME); NYSE Euronext, United Kingdom; the Tokyo Commodity Exchange (TOCOM), Japan
Contract Size: 5,000 troy ounces with a minimum of 999 fineness
Price Quote: Half cents per troy ounce
Delivery Point for:
Physical Settlement
Licensed depository
Avg. Monthly Volume: 2,310,318 (COMEX)
Daily Price Limit: Limit based on previous day's settlement is $1.50


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