Commodities Contract Details

Our energy contracts offer you exposure to changes in oil and gas prices.

All contracts expire at specified forward dates and are cash settled; we quote you our own bid/offer spread based on the underlying oil or gas price.

Note: We offer mini versions of all energies forward contracts at 50% of the main contract size and margin requirement (25% for Natural Gas).

Notes to table

All the instruments described on this site are Contracts For Difference (CFDs). Our energies contracts give you exposure to changes in the value of energy prices but they are cash settled and cannot result in the delivery of any commodity or instrument.

1. Our energies contracts 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. We will quote an 'all-in' spread that includes both dealing spread and market spread. The size of our dealing spreads are shown in the information tables. All dealing spreads are subject to variation, especially in volatile market conditions. We will not charge any additional commission unless we notify you in writing.

3. For limited risk transactions, a limited risk premium is charged on the opening.

4. Positions not already closed by the client expire automatically either at the official exchange-published settlement for the contract or at the official market settlement on the last dealing day, whichever is the earlier.

5. The last dealing day shown in the tables may not always coincide with the last dealing day on the relevant exchange.

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. Positions not already closed by the client expire automatically with spread on the following basis:

Light Crude Oil, Heating Oil, Natural Gas and No Lead Gasoline: based on the settlement price of the relevant futures contract on NYMEX on our last dealing day

Brent Crude, Gas Oil and Carbon Emissions: based on the settlement price of the relevant futures contract on ICE on the last dealing day

8. 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.

9. 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. You can find the applicable tiered margins from the Get Info dropdown section within each market in the trading platform. See our tiered margining page for more 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 Forwards. The two types work in slightly different ways.

Metals (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.

Metals (Forward contracts)

Our forward contracts expire at specified forward dates.

Note: We offer mini versions of all metals forward contracts at 20% of the main contract size and margin requirement (33% for Gold).

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. For limited risk transactions, a limited risk premium is charged on the opening.

3. 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.

4. We quote spot metals 24 hours a day (except 22.15-23.00), normally from 23.00 (London time) on Sunday until 22.00 (London time) on Friday.

5. The normal margin percentage for silver is 5% of the transaction value. The normal margin percentage for gold is 3%. We reserve the right to alter the margin percentage at any time.

6. For spot metal transactions, funding adjustments are calculated and posted to the client's account daily. Funding adjustments are calculated as follows:

A = V x R / 360

Where:
V = the current value of the position in US dollars. This is equal to: number of contracts x contract size x spot metal price
R = a percentage rate which is based on the relevant Libor rate
A = the amount of the daily interest credit or debit

A daily funding adjustment is calculated for any position opened before 22.00 that is still open after 22.00 (London time).

7. Positions in Gold, Silver and High Grade Copper forwards 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 forwards 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.
Positions in Aluminium, Copper, Lead, Nickel, Tin and Zinc forwards not already closed by the client expire automatically at the settlement price of a futures contract of the relevant metal on the London Metal Exchange on our last dealing day.
The futures contract against which a forward metal is settled is designated in the name of the forwards metal contract (e.g. DEC07).

8. 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.

9. Where the Gold (forwards) 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.

10. 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.

Our soft 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.

Notes to table

All the instruments described on this site are Contracts For Difference (CFDs). Our contracts give you exposure to changes in the value of commodity prices but they are cash settled and cannot result in the delivery of any commodity or instrument.

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. For some commodities, any market spread may be added to the dealing spread shown in the information tables above. All dealing spreads are subject to variation, especially in volatile market conditions. 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.

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 are available for trading from 15.05 (London time) on the Monday of a normal business week, until the close of trading on Friday of the same, usually 19.55 (London time). Note that there is a break each day between 22.00 and 23.00 (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 the close of trading on Friday of the same, usually 19.55 (London time). Note that there is a break each day between 22.00 and 23.00 (London time).