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CONTRACT SPECS |
UNDERSTANDING CONTRACT SPECS |
Contract Specifications
|
Symbol |
Future |
Exchange |
Hours |
Months |
Contract Size |
Point Value |
|
ED |
Eurodollar (3 Month) |
CME |
7:20-2:00 |
H,M,U,Z |
1 mil E |
1 pt.= $25.00 |
|
FF |
Federal Funds |
CBOT |
7:20-2:00 |
All Months |
$5 mil |
1 pt.= $41.67 |
|
TB |
T-Bills (90 Day) |
CME |
7:20-2:00 |
H,M,U,Z |
1 mil Bills |
1 pt.= $25.00 |
|
TU,FV,TY |
T-Notes (2 -10Years) |
CBOT |
7:20-2:00 |
H,M,U,Z |
$200,000 note |
1/64= $15.625 |
|
US |
US T-Bonds |
CBOT |
7:20-2:00 |
H,M,U,Z |
$100,000 note |
1/32= $31.25 |
|
AD |
Australian Dollar |
IMM |
7:20-2:00 |
H,M,U,Z |
100,000 AD |
1 pt= $10.00 |
|
BP |
British Pound |
IMM |
7:20-2:00 |
H,M,U,Z |
62,500 BP |
1 pts.= $6.25 |
|
CD |
Canadian Dollar |
IMM |
7:20-2:00 |
H,M,U,Z |
100,000 CD |
1 pt. = $10.00 |
|
EC |
Eurodollar |
IMM |
7:20-2:00 |
H,M,U,Z |
125000 |
1 pt.= $12.50 |
|
JY |
Japanese Yen |
IMM |
7:20-2:00 |
H,M,U,Z |
12.5 mil Yen |
1 pt.= $12.50 |
|
Mp |
Mexican Peso |
IMM |
7:20-2:00 |
H,M,U,Z |
500,000 MP |
1 pt.= $5.00 |
|
SF |
Swiss Franc |
IMM |
7:20-2:00 |
H,M,U,Z |
125,000 SF |
1 pt.= $12.50 |
|
DJ |
Dow Jones Ind |
CBOT |
7:20-3:15 |
H,M,U,Z |
$10 x Index Value |
1 pt.= $10.00 |
|
ND |
NASDAQ 100 |
CME |
8:30-3:15 |
H,M,U,Z |
$100 x Index Value |
1 pt.= $5.00 |
|
SP |
S&P 500 |
CME |
8:30-3:15 |
H,M,U,Z |
$250 x Index |
1 pt.= $2.50 |
|
DX |
US Dollar Index |
NYBT |
6:00PM-9:00PM |
H,M,U,Z |
$1000 x Index |
1 pt.= $10.00 |
|
C |
Corn |
CBOT |
9:30-1:15 |
H,K,N,U,Z |
5,000 bu |
1 ct= $50.00 |
|
W,KW,MW |
Wheat |
CBOT/KCBT/MPLS |
9:30-1:15 |
H,K,N,U,Z |
5,000 bu |
1/4 pt.= $50.00 |
|
O |
Oats |
CBOT |
9:30-1:15 |
H,K,N,U,Z |
5,000 bu |
1 ct= $50.00 |
|
NR |
Rough Rice |
CBOT |
9:30-1:15 |
F,H,K,N,U |
2,000 klbs |
1 ct= $20.00 |
|
S |
Soybean |
CBOT |
9:30-1:15 |
F,H,K,N,Q,U,X |
5,000 bu |
1 ct= $50.00 |
|
SM |
Soybean Meal |
CBOT |
9:30-1:15 |
F,H,K,N,Q,U,V,Z |
100 tons |
1 pt.= $1.00 |
|
BO |
Soybean Oil |
CBOT |
9:30-1:15 |
F,H,K,N,Q,U,V,Z |
60,000 lbs |
1 pt.= $6.00 |
|
FC |
Feeder Cattle |
CME |
9:05-1:00 |
F,H,J,K,Q,U,V,X |
50,000 lbs |
1 pt.= $5.00 |
|
LC |
Live Cattle |
CME |
9:05-1:00 |
G,J,M,Q,V,Z |
40,000 lbs |
1 pt.= $4.00 |
|
LH |
Lean Hogs |
CME |
9:10-1:00 |
G,J,M,N,K,Q,V,Z |
40,000 lbs |
1 pt.= $4.00 |
|
PB |
Pork Bellies |
CME |
9:10-1:00 |
G,H,K,N,Q |
40,000 lbs |
1 pt.= $4.00 |
|
HG |
Copper (High Grade) |
COMEX |
7:10-12:00 |
F,H,K,N,U,Z |
25,000 lbs |
1 ct= $12.50 |
|
GC |
Gold |
COMEX |
7:20-12:30 |
G,J,M,Q,V,Z |
100 oz |
$1= $100 |
|
PA |
Palladium |
COMEX |
7:30-12:00 |
H,M,U,Z |
100 oz |
1 pt.= $.50 |
|
PL |
Platinum |
COMEX |
7:20-12:05 |
F,J,N,V |
50 oz |
0 pt.= $.50 |
|
SI |
Silver |
COMEX |
7:25-12:25 |
F,H,K,N,U,Z |
5,000 oz |
1 pts.= $.50 |
|
CC |
Cocoa |
NYBT |
7:00-10:50 |
H,K,N,U,Z |
10 Metric Tons |
1 pt.= $10.00 |
|
KC |
Coffee |
NYBT |
8:15-11:30 |
H,K,N,U,Z |
37,500 lbs |
1 pt.= $18.75 |
|
CT |
Cotton |
NYBT |
9:30-1:15 |
H,K,N,V,Z |
50,000 lbs |
1 pt.= $5.00 |
|
LB |
Lumber |
CME |
9:00-1:05 |
F,H,K,N,U,X |
110,000 bd ft |
1 pt.= $.10 |
|
OJ |
Orange Juice |
NYBT |
9:00-12:30 |
F,H,K,N,U,X |
15,000 lbs |
1 pt.= 17.50 |
|
SB |
Sugar #11 |
NYBT |
8:00-11:00 |
H,K,N,V |
112,000 lbs |
1 pt.= $11.20 |
|
CL |
Crude Oil |
NYMX |
9:00-1:30 |
All Months |
1,000 bbl |
1 pt.= $10.00 |
|
HO |
Heating Oil |
NYMX |
9:00-1:30 |
All Months |
42,000 gal |
1 pt.= $4.20 |
|
NG |
Natural Gas |
NYMX |
9:00-1:30 |
All Months |
10,000 mm/btu |
1 pt.= $10.00 |
|
RB |
RBOB Gasoline |
NYMX |
9:00-1:30 |
All Months |
42,000 gal |
1 pt.= $4.20 |
MONTH CODES
|
F=JAN |
J=APR |
N=JUL |
V=OCT |
|
G=FEB |
K=MAY |
Q=AUG |
X=NOV |
|
H=MAR |
M=JUN |
U=SEP |
Z=DEC |
Understanding Contract Specifications
A commodity futures contract is a legally
binding agreement between a buyer and a seller to accept or make delivery of
a predetermined amount of a commodity at a specified location, during a
specific time. All aspects of the contract are standardized so the only the
only aspect left to be negotiated – on an Exchange – is price.
Because futures contracts
are standardized to size, quantity, quality and time of delivery each
contract is interchangeable. For example, if a trader bought (long) a
contract of Gold, he/she would not have to accept delivery of Gold if he/she
“offset” the contract by selling the contract on the exchange before first
notice day of the contract – the date upon which all which commodity
contracts are subject to delivery (see list of 1st
Notice Days and Options Expirations).
Commodities are traded on a
base unit basis. For example, if Gold is quoted at $630.00, it means that 1
ounce (the unit) of Gold is worth $630/ounce. The minimum fluctuation – or
the smallest price change aloud by the exchange – is set at $0.1/ounce.
With a contract size of 100 ounces per futures contract, each minimum move
is worth $0.10/ounce X 100, or $100 per contract.
The Units Quoted in
the table above will show traders the normal pricing of the above mentioned
commodities – for more information on non-listed commodities go to
www.COMMODITYALMANAC.com. For
example, Soybeans are quoted in cents/bushel (bu), so when you see a price
of 589 ½, that would read as 589 ½ cents/bu - $5.89 ½ per bushel.
Futures contracts are
standardized in size as well. The contract size represents how much of the
commodity is controlled by a futures contract and also how much a move is
worth. For example, Gold futures represent 100 ounces of Gold; as such each
$1/ounce move is worth $100 before trading costs (commissions and fees).
For a listing what each contract is worth per unit move see the Point Value
column in the table above.
The futures exchanges also
designate a minimum and sometimes maximum amount of movement allowed. The
minimum change, is also known as a “tick” in trading longo. The value of a
“tick” is derived by multiplying the minimum change amount by the contract
size. For example, with a minimum move in Crude Oil being $0.01/bbl, a
minimum move is worth $10/bbl given the 1,000 barrel contract size. The
maximum amount of movement is also known as limit, meaning prices can not
move than this amount in a single session. When they reach this threshold,
trading beyond this price is halted.
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