The date on which the buyer of an option will buy or sell the underlying commodity (or futures contract) if the option is exercised.

The act of an option holder in electing not to exercise or offset an option.

Non-competitive trading entered into by a trader, usually to assist another with illegal trades.

The physical or cash commodity, as distinguished from a commodity futures contract. Also see Cash

The principle under which all futures positions owned or controlled by one trader (or group of traders acting in concert) are combined to determine reporting status and compliance with speculative lim [..]

The discounts (premiums) allowed for grades or locations of a commodity lower (higher) than the par (or basis) grade or location specified in the futures contract. See Differentials.

Any bank, stockyard, mill, storehouse, plant, elevator or other depository that is authorized by an exchange for the delivery of commodities tendered on futures contracts.

Simultaneous purchase of cash commodities or futures in one market against the sale of cash commodities or futures in the same or a different market to profit from a discrepancy in prices. Also includ [..]

An option whose payoff depends on the average price of the underlying asset during some portion of the life of the option.

One which allows the holder to convey his rights to a third party. Exchange-traded contracts are not assignable.