Trade Leveraged Commodity Products (LCPs) on the world's most popular precious and base metals. We offer two different types of metals contract: Spot and Forwards. The two types work in slightly different ways.
Spot Metals Information Table (Standard contracts)
Spot metals have no expiry date; the position remains open until you choose to close it. Separate daily funding adjustments are made for Spot Metals [see note 5].
Note: We offer mini versions of all Standard Spot Metals at 10% of the main contract size and margin requirement.
| Contract and dealing hours (New York time) |
One contract means | Value of one contract (per full point) | Normal spread | Ltd risk premium | Margin requirement (per contract) |
|---|---|---|---|---|---|
| Gold 24 hours except 17.15-18.00 |
100 troy oz | US$100 | 0.5 | 0.3 | US$1700 |
| Silver 24 hours except 17.15-18.00 |
5000 troy oz | US$50 | 3 | 2 | US$3000 |
Spot Metals Information Table (SGD-denominated contracts)
| Contract and dealing hours (New York time) |
Value of one contract (per full point) | Normal spread | Ltd risk premium | Margin requirement (per contract) |
|---|---|---|---|---|
| Gold 24 hours except 17.15-18.00 |
SG$1 (min 10 contracts) | 0.5 | 0.3 | SG$17 |
| Silver 24 hours except 17.15-18.00 |
SG$1 (min 5 contracts) | 3 | 2 | SG$60 |
Forward Metals Information Table (Standard contracts)
Our forward contracts expire at specified forward dates. There are no separate funding adjustments: a fair value is priced into our quotation.
Note: We offer mini versions of all Metals Forward contracts at 20% of the main contract size and margin requirement. We also offer micro versions of Copper contracts at $1, with proportionately reduced margin requirements.
| Contract and dealing hours (New York time) |
One contract means | Value of one contract (per full point) | Normal spread | Ltd risk premium | Margin requirement (per contract) |
|---|---|---|---|---|---|
| Copper (High Grade) 24 hours except 17.15-18.00 |
25,000 lbs | US$2.50 | 40 | 30 | US$1500 |
| Platinum 24 hours except 17.15-18.00 |
50 troy oz | US$50 | 2 | 1.5 | US$1500 |
Our Energy contracts offer exposure to changes in oil and gas prices. All our contracts expire at specified forward dates and are cash settled; we quote you our own bid/offer spread based on the underlying oil or gas price.
Energies Information Table (Standard contracts)
Note: We offer mini versions of all Standard Forward Energy contracts at 50% of the main contract size and margin requirement (25% for Natural Gas). We also offer micro versions of all Standard Forward Energy contracts at $1, with proportionately reduced margin requirements.
| Market name & dealing hours (local time) |
Value of one contract (per full point) |
Normal spread |
Limited Risk premium |
Margin Requirement (per contract) |
|---|---|---|---|---|
| Light Crude Oil (US) 24 hours except 17.15-18.00 |
US$10 | 6 | 4 | US$1500 |
| Heating Oil (US) 24 hours except 17.15-18.00 |
US$4.20 | 30 | 20 | US$2310 |
| No Lead Gasoline (US) 24 hours except 17.15-18.00 |
US$4.20 | 30 | 20 | US$2940 |
| Natural Gas (US) 24 hours except 17.15-18.00 |
US$10 | 30 | 20 | US$1900 |
Energies Information Table (SGD-denominated contracts)
| Market name & dealing hours (local time) |
Value of one contract (per full point) |
Normal spread | Limited Risk premium |
Margin Requirement (per contract) |
|---|---|---|---|---|
| Light Crude Oil (US) 24 hours except 17.15-18.00 |
SG$1 (min 5 contracts) | 6 | 4 | SG$150 |
We offer a range of soft commodities such as Cocoa, Coffee and Wheat.
Softs and Agricultural Information Table
Note: We offer mini versions of all soft commodities below at 50% of the main contract size and margin. We also offer micro versions of Corn, Soyabeans and Chicago Wheat contracts at $10, with proportionately reduced margin requirements.
| Contract and dealing hours (local time) |
Value of one contract (per full point) |
Normal spread | Limited Risk premium |
Margin Requirement (per contract) |
|---|---|---|---|---|
| US Cocoa New York 04.00-14.00 |
US$10 | 10 | 6 | US$900 |
| Coffee Arabica New York 03.30-14.00 |
US$3.75 | 60 | 20 | US$1875 |
| Sugar No.11 World New York 03.30-14.00 |
US$11.20 | 5 | 4 | US$840 |
| US Cotton New York 21.00-14.30 |
US$5 | 25 | 15 | US$1375 |
| Corn Chicago 09.30-13.15; 18.00-07.15 | US$50 | 1 | 1.5 | US$1200 |
| Soyabeans Chicago 09.30-13.15; 18.00-07.15 |
US$50 | 3 | 2 | US$1900 |
| Chicago Wheat Chicago 09.30-13.15; 18.00-07.15 |
US$50 | 1 | 1.5 | US$1550 |
Find the expiry details for our commodities markets, including the settlement details for spot trades and the contract months and last dealing days for forwards.
Expiry Details Information Table
| Market name | Contract months[6] | Last dealing day [1](b) |
|---|---|---|
| US Light Crude | Any month | Fourth business day prior to 25th calendar day of the previous month |
| Heating Oil | Any month | Penultimate bus. day of the prev. month |
| Natural Gas | Any month | 4 NY business days prior to the first calendar day of the delivery month |
| No Lead Gasoline | Any month | Penultimate bus. day of the prev. month |
| Gold | Feb, Apr, Jun, Aug, Oct, Dec | Fourth business day prior to first day of contract month |
| Silver | Mar, May, Jul, Sep, Dec | Fourth Fri. or prev. bus day of prev. month |
| High Grade Copper | Jan, Mar, May, Jul, Sep, Dec | Fourth Fri. or prev. bus day of prev. month |
| Platinum | Jan, Apr, Jul, Oct | Fourth Fri. or prev. bus day of prev. month |
| Cocoa (New York) | Mar, May, Jul, Sep, Dec | Second Fri. or prev. bus. day of prev. month |
| Coffee Arabica (New York) | Mar, May, Jul, Sep, Dec | Second Fri. or prev. bus. day of prev. month |
| Cotton | Mar, May, Jul, Oct, Dec | Third Fri. or prev. bus. day of prev. month |
| Sugar No. 11 World (New York) | Mar, May, Jul, Oct | Penultimate bus. day of prev. month |
| Wheat (US) | Mar, May, Jul, Sep, Dec | Fourth Fri. or prev. bus. day of prev. month |
| Corn | Mar, May, Jul, Sep, Dec | Fourth Fri. or prev. bus. day of prev. month |
| Soyabeans | Jan, Mar, May, Jul, Aug, Sep, Nov | Third Fri. or prev. bus. day of prev. month |
Expiry Notes
a) The last dealing day shown in the tables may not always coincide with the last dealing day on the relevant exchange.
b) Positions not already closed by the client expire automatically with spread on the following basis:
- Coffee Arabica, US Cocoa, US Sugar No.11, and US Cotton basis the settlement price of the relevant forwards contract on NYBOT on our last dealing day
- Chicago Wheat, Corn, and Soyabeans basis the settlement price of the relevant forwards contract on CBOT on our last dealing day
- Light Crude Oil, Heating Oil, Natural Gas and No Lead Gasoline basis the settlement price of the relevant forwards contract on NYMEX on our last dealing day.
- Positions in High Grade Copper Forwards not already closed by the client expire automatically at the settlement price of a forwards contract of the metal on COMEX on our last dealing day. Similarly, Platinum expires at its settlement price on NYMEX on our last dealing day.
c) For most positions, a client can, at any time before the position has been automatically closed, ask for the position to be rolled over to a later date. Rolling over a position involves closing the old position and opening a new one. The expiry date for an open position will be shown on the overnight statement and on the Get Info section of the market. It is, of course, the client's responsibility to give instructions, if they so wish, to roll the position over before it expires.
All the commodity instruments described are Leveraged Commodity Products (LCPs). Our commodities give you exposure to changes in the price of the underlying market. They are cash settled and cannot result in the delivery of any commodity or instrument. Where you see a number or letter in brackets on the tables, the corresponding note can be found below.
1) Our commodities contracts give a client exposure to changes in the value of forwards but cannot result in the delivery of any commodity or instrument by or to the client.
2) We will quote an 'all-in' spread that includes both dealing spread and market spread. The size of our dealing spreads are shown in the information tables. All dealing spreads are subject to variation, especially in volatile market conditions. We will not charge any additional commission unless we notify you in writing.
3) For Limited Risk transactions, a Limited Risk premium is charged on the opening.
4) Times quoted are local to the relevant exchange, unless specified.
5) For Spot Metal transactions, funding adjustments are calculated and posted to the client's account daily. Funding adjustments are calculated as follows:
A = V x R / 360
Where:
A = the amount of the daily interest credit or debit
V = the value of the position at the time of calculation. This is equal to:
Number of contracts x Contract size x Spot Metal price.
R = applicable annual interest rate.
For Spot Metal contracts a daily interest adjustment is calculated for any position that is opened before 22:00 (London Time) and that is still open after 22:00 (LondonTime).
The applicable interest rate will be +/-0.3% above/below the Libor cash rate for all contracts.
6) Only liquid months will be available at any one time.
7) We normally begin quoting Spot Metals at 23.00 (London time) on Sunday evening and will close our markets at 22.00 (London time) on Friday.