The agent of a commission house who serves customers/traders by entering their commodity futures and options orders,reporting trade executions,advising on trading strategies,etc.
In the metals markets,the nearest base contract month that is not the current delivery maonth. The base months for each metals futures are defined by each individual contract. For other contracts this may designate the closest month to expiration or the expiration month that has the most trading volume.
ACT or CEA
The term"Act"or"CEA"shall mean the Commodity Exchange Act, as amended from time to time.
An actual physical commodity someone is buying or
adjusted futures price
The cash-price equivalent reflected in the current futures price.This is calculated by taking the futures price times the conversion factor for the particular financial instrument（e_g_，bond or note）being delivered.
A transaction generally used by two hedgers who want to exchange futures for cash positions. Also referred to as"Exchange for Physicals"(EFP)or"versus cash".