Metals: Product Details
Our metals contracts offer exposure to changes in the price of precious metals.
The contracts are cash settled and cannot result in the delivery of any metal; we quote you our own bid/offer spread based on the underlying market.
We offer two different types of metals contract: Spot and Futures. The two types work in slightly different ways.
Metal spot 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.
Note: We offer mini versions of all spot metals contracts at 10% of the main contract size.
| Contract | One contract means | Value of one contract (per full point) | Spread | Guaranteed stop premium | Retail margin requirement (per contract) | Professional margin requirement (per contract) [13] |
|---|---|---|---|---|---|---|
| Gold | 100 troy oz | $100 | 0.4 | 0.3 | 5% | 0.45% |
| Silver | 5000 troy oz | $50 | 3 | 2 | 10% | 1.8% |
| High Grade Copper | 25,000 lbs | $2.50 | 30 | 30 | 10% | 1.8% |
| Palladium | 100 troy oz | $100 | 1.6 | 2 | 10% | 2.7% |
| Platinum | 50 troy oz | $50 | 1.6 | 1.5 | 10% | 1.8% |
Metals futures contracts
Our futures contracts expire at specified dates in the future.
Note: We offer mini versions of all metals futures contracts at 20% of the main contract size and margin requirement (33% for Gold).
| Contract and dealing hours (London time) | One contract means | Value of one contract (per full point) | Value of one mini contract (per full point) | Contract spread | Guaranteed stop premium | Last dealing day [6] |
|---|---|---|---|---|---|---|
| Gold 24 hours except 22.00-23.00 |
100 troy oz | $100 | 0.4 | 0.3 | 0.7% | Fourth bus. day prior to 1st day of contract month (9) |
| Silver 24 hours except 22.00-23.00 |
5000 troy oz | $50 | 3 | 2 | 1% | Fourth Friday of prior month |
| Copper (High Grade) 24 hours except 22.00-23.00 | 25,000 lbs | $2.50 | 30 | 30 | 1% | Fourth Friday of prior month |
| Palladium 24 hours except 22.00-23.00 |
100 troy oz | $100 | 1.6 | 2 | 2% | Fourth Friday of prior month |
| Platinum 24 hours except 22.00-23.00 |
50 troy oz | $50 | 1.6 | 1.5 | 1.5% | Fourth Friday of prior month |
Base Metals contracts
Base metals contracts have no expiry date; the position remains open until you choose to close it. Our quotes for this market are based on the 3 month forward prices for the underlying instrument. Separate daily funding adjustments are made for base metals.
| Contract and dealing hours (London time) | One contract means | Value of one contract (per full point) | Value of one mini contract (per full point) | Contract spread | Guaranteed stop premium | Retail margin per lot | Professional margin per lot [13] |
|---|---|---|---|---|---|---|---|
| Aluminium 01.00-18.00 |
25 metric tonnes | $25 | $5 | 8 | 8 | 10% | 4.05% |
| Copper 01.00-18.00 |
25 metric tonnes | $50 | $5 | 10 | 10 | 10% | 3.6% |
| Lead 01.00-18.00 |
25 metric tonnes | $2.50 | $5 | 8 | 8 | 10% | 4.5% |
| Nickel 01.00-18.00 |
6 metric tonnes | $100 | $1 | 40 | 40 | 10% | 4.95% |
| Zinc 01.00-18.00 |
25 metric tonnes | $25 | $5 | 8 | 8 | 10% | 4.05% |
Notes to tables
Our Metals contracts are a special form of CFD and give you exposure to changes in the price of metals. They are cash settled and cannot result in the delivery of the underlying metal.
1. Spreads are subject to variation, especially in volatile market conditions. We will not charge any additional commission unless we notify you in writing.
2. Commodity funding is based on the market cost of carry including an admin fee of 2.5% per annum.
3. For Spot Gold and Spot Silver the overnight funding adjustment is based on the tom-next spread including an admin fee of 0.8% per annum.
4. a) CFDs on metal futures are quoted with reference to the equivalent expiry contract on the underlying futures market. CFDs on spot metals are quoted based on quotes in the underlying market available to us from the banks and liquidity providers with which we trade. 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.
5. For guaranteed stop transactions a guaranteed stop premium is charged if your guaranteed stop is triggered. The potential premium is displayed on the deal ticket, and can form part of your margin when you attach the stop. Please note that premiums are subject to change, especially going into weekends and during volatile market conditions.
6. Minimum transaction sizes usually start from one contract. Please refer to the 'Get Info' section within our trading platform to find the minimum transaction size for each market. Subject to this minimum size, transactions may be in fractions of a contract.
7. We quote spot metals 24 hours a day (except 22.00-23.00), normally from 23.00 (London time) on Sunday until 22.00 (London time) on Friday. Futures contracts are quoted until 22.00 on Fridays.
8. For spot metal transactions, funding adjustments are calculated and posted to the client's account daily. Funding adjustments are calculated based on the relevant tom-next spread, including an admin fee of 0.3% p.a. An adjustment is calculated for any position opened before 22.00 that is still open after 22.00 (London time). For base metals transactions, funding adjustments are calculated based on the relevant cost of carry charge, including an admin fee of 2.5% p.a.
9. Positions in Gold, Silver and High Grade Copper futures not already closed by the client expire automatically at the settlement price of a futures contract of the relevant metal on COMEX on our last dealing day.
Positions in Palladium and Platinum futures not already closed by the client expire automatically at the settlement price of a futures contract of the relevant metal on NYMEX on our last dealing day.
The futures contract against which a futures metal is settled is designated in the name of the futures metal contract (e.g. DEC15).
10. 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 them 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 they so wish, to roll the position over before it expires.
11. Where the Gold (futures) settlement date would fall (as predicted by the rule in the table) on a Friday or on the day before a US holiday, the contract will instead settle on the previous day.
12. 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.
13. 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.