Commodities
Our Commodity contracts offer exposure to changes in commodity 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 commodity price.
Note: We offer mini versions of our Commodity Forward contracts at 20% or 50% of the main contract size and margin. Please see note 8 for more information.
| Contract and dealing hours (London time) | Value of one contract (per full point) | Spread | Guaranteed stop premium | Retail margin requirement (per contract) | Professional margin requirement (per contract) [12] | Contract months and last dealing day |
|---|---|---|---|---|---|---|
| Cattle (Feeder) Chicago 14.00-22.00 |
$5 | 14 | 30 | 10% | 2.25% | Jan, Mar, Apr, May, Aug, Sep, Oct, Nov Last bus. day of prior month |
| Cattle (Live) Chicago 14.00-22.00 |
$4 | 14 | 30 | 10% | 1.8% | Feb, Apr, Jun, Aug, Oct, Dec Last bus. day of prior month |
| Cocoa (London) London 09.30-16.50 |
£10 | 3 | 4 | 10% | 2.7% | Mar, May, Jul, Sep, Dec 5th business day of contract month |
| Cocoa (US) New York 09.45-18.30 |
$10 | 6 | 5 | 10% | 4.05% | Mar, May, Jul, Sep, Dec 2nd Fri. or prev. bus. day of prev. month |
| Coffee Arabica New York 09.15-18.30 |
$3.75 | 30 | 20 | 10% | 3.15% | Mar, May, Jul, Sep, Dec 2nd Fri. or prev. bus. day of prev. bus. month |
| Coffee Robusta London 09.00-17.30 |
$10 | 3 | 6 | 10% | 2.7% | Jan, Mar, May, Jul, Sep, Nov Four business days prior to the first calendar day of the delivery month |
| Corn Chicago 01:00-13.45 14.30-19.15 |
$50 | 0.8 | 1.5 | 10% | 2.25% | Mar, May, Jul, Sep, Dec Fourth Friday of prior month |
| Cotton New York 02.00-19.20 |
$5 | 20 | 15 | 10% | 1.8% | Mar, May, Oct, Jul, Dec Third Friday of prior month |
| Lean Hogs Chicago 14.00-22.00 |
$4 | 12 | 30 | 10% | 3.15% | Feb, Apr, Jun, Jul, Aug, Oct, Dec Last bus. day of prior month |
| Lumber Chicago 15.00-22.00 23.00-03.00 |
$1.10 | 80 | 80 | 10% | 2.7% | Jan, Mar, May, Jul, Sep, Nov Last business day of prior month |
| Milling Wheat Paris 09.45-17.30 |
€50 | 0.8 | 1 | 10% | 5.4% | Jan, Mar, May, Jul, Sep, Nov Last bus. Day of prev. month |
| Oats Chicago 01:00-13.45 14.30-19.15 |
$50 | 0.8 | 1.5 | 10% | 2.7% | Mar, May, Jul, Sep, Dec Fourth Friday of prior month |
| Orange Juice New York 13.00-19.00 |
$1.5 | 30 | 40 | 10% | 2.25% | Jan, Mar, May, Jul, Sep, Nov Four business days prior to the first calendar day of the delivery month |
| Rough Rice Chicago 01:00-13.45 14.30-19.15 |
$2 | 30 | 40 | 10% | 2.25% | Jan, Mar, May, Jul, Sep, Nov 4th Friday of prior month |
| Soyabeans Chicago 01:00-13.45 14.30-19.15 |
$50 | 1.6 | 2 | 10% | 1.35% | Jan, Mar, May, Jul, Aug, Sep, Nov 4th Friday of prior month |
| Soyabean Meal Chicago 01:00-13.45 14.30-19.15 |
$1 | 60 | 50 | 10% | 2.7% | Jan, Mar, May, Jul, Aug, Sep, Oct, Dec Fourth Friday of prior month |
| Soyabean Oil Chicago 01:00-13.45 14.30-19.15 |
$6 | 8 | 8 | 10% | 1.8% | Jan, Mar, May, Jul, Aug, Sep, Oct, Dec Fourth Friday of prior month |
| Sugar No. 5 London 08.45-17.55 |
$50 | 0.6 | 0.8 | 10% | 2.7% | Mar, May, Aug, Oct, Dec First Friday of the prior contract month |
| Sugar No.11 World New York 08.30-18.00 |
$11.20 | 4 | 4 | 10% | 1.8% | Mar, May, Jul, Oct Penultimate bus. day of prev. month |
| Wheat (Chicago) Chicago 01:00-13.45 14.30-19.15 |
$50 | 0.8 | 1.5 | 10% | 1.35% | Mar, May, Jul, Sep, Dec Fourth Friday of prior month |
| Wheat (London) London 9.30-17.28 |
£100 | 0.4 | 0.3 | 10% | 1.8% | Jan, Mar, May, Jul, Sep, Nov Third Friday of prior month |
Notes to tables
1. Our commodities CFDs give a client exposure to changes in the value of a futures contract but cannot result in the delivery of any commodity or instrument by or to the client.
2. a)CFDs on commodity futures are quoted with reference to the equivalent expiry contract on the underlying futures market. We do not apply any weighting or biases to our pricing sources.
b) Spreads are subject to variation, especially in volatile market conditions. Our dealing spreads may change to reflect the available liquidity during different times of day. Our normal spread is shown in the table.
c) Dealing spreads may be offered as a fixed or variable amount. If variable spreads are in use, then the spread shown in this table is the amount of IG spread added to the underlying futures market spread. Any variable dealing spreads are marked with an asterisk (*).
d) We will not charge any additional commission unless we notify you in writing.
3. Positions not already closed by the client expire automatically with spread on the following basis:
- Coffee Arabica, US Cocoa, US Sugar No.11, US Cotton and Orange Juice: based on the settlement price of the relevant futures contract on NYBOT on our last dealing day
- Chicago Wheat, Corn, Oats, Rough Rice, Soyabeans, Soyabean Oil and Soyabean Meal: based on the settlement price of the relevant futures contract on CBOT on our last dealing day
- Live Cattle, Feeder Cattle, Lean Hogs and Lumber: based on the settlement price of the relevant futures contract on CME on our last dealing day
- Milling Wheat and Rapeseed: based on the settlement price of the relevant futures contract on Euronext on our last dealing day.
- Coffee Robusta, London Cocoa, London Sugar No. 5, London Wheat: based on the settlement price of the relevant futures contract on LIFFE on our last dealing day.
4. The last dealing day shown in the tables may not always coincide with the last dealing day on the relevant exchange.
5. Contracts on Live Cattle, Feeder Cattle and Lean Hogs open at 15.05 (London time) on the Monday of a normal business week, and close on Fridays at 19.55 (London time).
6. 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. We normally attempt to contact a client shortly before a position is due to expire and offer him the opportunity to roll the position over. However, we cannot undertake to do this in every case and it remains the client's responsibility to give instructions, if he so wishes, to roll the position over before it expires.
7. Only liquid months will be available at any one time.
8. We offer mini versions of our commodity contracts - with proportionately reduced margin requirements - at the following rates:
- 20% of main contract size: London Cocoa, London Coffee, London Sugar, London Wheat, Milling Wheat, Rapeseed
- 50% of main contract size: US Cocoa, US Coffee, US Sugar, Orange Juice, Corn, Oats, US Wheat, Soyabeans, Soyabean Meal, Soyabean Oil, Rough Rice, Feeder Cattle, Live Cattle, Lean Hogs, Cotton, Lumber
9. When you trade in a currency other than your base currency your profit or loss will be realised in that currency and will be booked to your account in that currency. As a default, we will automatically, and on a daily basis, convert any positive or negative balance on your account in a currency other than your base currency to your base currency. You may change this default at any time by calling us or via our trading platform.
10. Please note that tiered margining applies; this means that higher margins may be required for large positions. Margin requirements represent a percentage of the overall position value, and can vary depending on which account type you hold. If two values are listed, the first value applies to Trader accounts and the second to Select accounts. You can find the applicable tiered margins from the Get Info dropdown section within each market in our trading platform. See our Tiered Margining page for more details.
11. Contracts on Lumber are available for trading from 15.00 (London time) on the Monday of a normal business week until 03:00 (London time). The market will close early on a Friday at 19.55 (London time). Note that there is a break each day between 16.00 and 17.00 (London time).
12. Professional clients are exempt from regulatory limits on leverage in place for retail clients, and are able to trade on lower margins as a result.