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In economics, a commodity is an economic good, usually a resource, that has full or substantial fungibility: that is, the market treats instances of the good as equivalent or nearly so with no regard to who produced them. 

The price of a commodity good is typically determined as a function of its market as a whole: well-established physical commodities have actively traded spot and derivative markets. The wide availability of commodities typically leads to smaller profit margins and diminishes the importance of factors (such as brand name) other than price.

Most commodities are raw materials, basic resources, agricultural, or mining products, such as iron ore, sugar, or grains like rice and wheat. Commodities can also be mass-produced unspecialized products such as chemicals and computer memory. Popular commodities include crude oil, corn, and gold.

List of Commodities exchange at a Global level


Grains, food and fiber

CommodityMain exchangeMICContract sizeSymbol
CornCBOTXCBT5000 buC/ZC (Electronic)
CornDCEXDCE10 metric tonsc
OatsCBOTXCBT5000 buO/ZO (Electronic)
Rough RiceCBOTXCBT2000 cwtZR
SoybeansCBOTXCBT5000 buS/ZS (Electronic)
No 2. SoybeanDCEXDCE10 metric tonsb
RapeseedEURONEXT 50 tonsECO
Soybean MealCBOTXCBT100 short tonsSM/ZM (Electronic)
Soy MealDCEXDCE10 metric tonsm
Soybean OilCBOTXCBT60,000 lbBO/ZL (Electronic)
Soybean OilDCEXDCE10 metric tonsy
WheatCBOTXCBT5000 buW/ZW (Electronic)
WheatEURONEXT 50 tonsEBL
MilkCMEXCME200,000 lbsDC
CocoaICEIEPA10 tonsCC
Coffee CICEIEPA37,500 lbKC
Cotton No.2ICEIEPA50,000 lbCT
Sugar No.11ICEIEPA112,000 lbSB
Sugar No.14ICEIEPA112,000 lbSE
Frozen Concentrated Orange JuiceICEIEPA15,000 lbsFCOJ-A
Adzuki beanOSEXOSE2400 kg 
Robusta coffeeICEIEPA10,000kg 

Livestock and meat

CommodityContract sizeCurrencyMain exchangeSymbol
Lean Hogs40,000 lb (20 tons)USD ($)Chicago Mercantile ExchangeHE
Live Cattle40,000 lb (20 tons)USD ($)Chicago Mercantile ExchangeLE
Feeder Cattle50,000 lb (25 tons)USD ($)Chicago Mercantile ExchangeGF


CommodityMain exchangeContract sizeSymbol
WTI Crude OilNYMEX, ICE1000 bbl (42,000 U.S. gal)CL (NYMEX), WTI (ICE)
Brent CrudeICE1000 bbl (42,000 U.S. gal)B
EthanolCBOT29,000 U.S. galAC (Open Auction) ZE (Electronic)
Natural gasNYMEX10,000 million BTUNG
Natural gasICE1,000 thermsNBP
Heating OilNYMEX1000 bbl (42,000 U.S. gal)HO
Gulf Coast GasolineNYMEX1000 bbl (42,000 U.S. gal)LR
RBOB Gasoline (reformulated gasoline blendstock for oxygen blending)NYMEX1000 bbl (42,000 U.S. gal)RB
PropaneNYMEX1000 bbl (42,000 U.S. gal)PN
Purified Terephthalic Acid (PTA)ZCE5 tonsTA

Forest products

CommodityMain exchangeContract sizeSymbol
Random Length LumberChicago Mercantile Exchange110,000 nominal board feetLBS
Hardwood Pulp]Chicago Mercantile Exchange20 metric tonnesHWP
Softwood PulpChicago Mercantile Exchange20 metric tonnesWP



CommodityContract sizeCurrencyMain exchangeSymbol
LME CopperMetric TonUSD ($)London Metal Exchange, New YorkHG
LeadMetric TonUSD ($)London Metal Exchange 
ZincMetric TonUSD ($)London Metal Exchange 
TinMetric TonUSD ($)London Metal Exchange 
AluminiumMetric TonUSD ($)London Metal Exchange, New York 
Aluminium alloyMetric TonUSD ($)London Metal Exchange 
LME NickelMetric TonUSD ($)London Metal Exchange 
CobaltMetric TonUSD ($)London Metal Exchange 
MolybdenumMetric TonUSD ($)London Metal Exchange 


CommodityContract sizeCurrencyMain exchangeSymbol
Gold100 troy ouncesUSD ($)COMEXGC
Platinum50 troy ouncesUSD ($)NYMEXPL
Palladium100 troy ouncesUSD ($)NYMEXPA
Silver5,000 troy ouncesUSD ($)COMEXSI


CommodityContract sizeCurrencyMain exchange
Palm Oil1000 kgMalaysian Ringgit (RM)Bursa Malaysia
Rubber5000 kgUS cents (¢)Tokyo Commodity Exchange
Wool2500 kgAUD ($)ASX
Amber1 kgRub (₽)Saint Petersburg “Bourse”

Commodity risk refers to the uncertainties of future market values and of the size of the future income, caused by the fluctuation in the prices of commodities.[1] These commodities may be grains, metals, gas, electricity etc. A commodity enterprise needs to deal with the following kinds of risks:


  • Price risk is arising out of adverse movements in the world prices, exchange rates, basis between local and world prices. 
  • Quantity or volume risk
  • Cost risk (Input price risk)
  • Political risk



Financial risk and financial risk management – Categories            

  • Credit risk: Concentration risk, Consumer credit risk, Credit derivative, Securitization
  • Market risk: Commodity risk (e.g. Volume risk, Basis risk, Shape risk, Holding period risk, Price area risk), Equity risk, FX risk, Margining risk, Interest rate risk, Volatility risk, Liquidity risk (e.g. Refinancing risk)
  • Operational risk: Operational risk management, Legal risk, Political risk, Reputational risk
  • Others: Profit risk, Settlement risk, Systemic risk, Non-financial risk, Valuation risk

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