Trade · 6 pages · 12 min
A spot market moves the commodity now, while a contract market trades standardized promises for later.
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A spot market is where the physical commodity changes hands for immediate or near-immediate delivery at a cash price. A contract market, in commodity use, is where standardized futures contracts trade, transferring price exposure and delivery obligations that are often closed out before any goods move. The opening covers spot delivers the goods now, futures trade a standard month, and offset cancels the promise.
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