Contract Details: Metals Forward
Our forward contracts expire at specified forward dates. There are no separate funding adjustments: a fair value is priced into our quotation.
Note: We offer mini versions of all Metals Forward contracts at 20% of the main contract size and margin requirement (33% for Gold).
Forward Metals Information Table
| Contract and dealing hours (local times) |
One contract means | Value of one contract (per full point) |
Normal spread |
Ltd risk premium |
Margin requirement (per contract) |
Last dealing day (7) |
|---|---|---|---|---|---|---|
| Gold 24 hours except 17.15-18.00 |
100 troy oz | $100 | 0.6 | 0.3 | 5% | Fourth bus. day prior to 1st day of contract month (9) |
| Silver 24 hours except 17.15-18.00 |
5000 troy oz | $50 | 3 | 2 | 5% | Fourth Friday of prior month |
| Copper (High Grade) 24 hours except 17.15-18.00 | 25,000 lbs | $2.50 | 40 | 30 | 5% | Fourth Friday of prior month |
| Palladium 24 hours except 17.15-18.00 |
100 troy oz | $100 | 2 | 2 | 5% | Fourth Friday of prior month |
| Platinum 24 hours except 17.15-18.00 |
50 troy oz | $50 | 2 | 1.5 | 5% | Fourth Friday of prior month |
Notes to table
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.
- Spreads are subject to variation, especially in volatile market conditions. We will not charge any additional commission unless we notify you in writing.
- The minimum transaction size is one contract. Subject to this minimum size, transactions may be in fractions of a contract.
- We quote Spot Metals 23 hours a day from 8:00am to 7:15 am (Tokyo time), normally from 20.00 (London time) on Sunday until 21.15 (London time) on Friday.
- The Margin Percentage for Metals is 5% of the transaction value. We reserve the right to alter the Margin Percentage at any time.
- 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:
A = the amount of the daily interest credit or debit
V = the value of the position at the time of calculation. This is equal to:
Number of contracts x Contract size x Spot Metal price.
R = applicable annual interest rate.
For Spot Metal contracts a daily interest adjustment is calculated for any position that is opened before 22:00 (London Time) and that is still open after 22:00(LondonTime).
The applicable interest rate will be +/-0.3% above/below the Libor cash rate for Contracts unless otherwise agreed in writing. - Positions in Gold, Silver and High Grade Copper Forwards not already closed by the client expire automatically at the closing price of a futures contract of the relevant metal on COMEX on our last dealing day. Similarly, Palladium and Platinum expire at the closing price of the relevant metal on NYMEX 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).
- 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.
- 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.
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