Where is comex located

Sometimes these are also traded in micro and mini versions. As the futures market is typically utilised as a hedge to deal with the risk, most of the futures contracts are hardly delivered. The supply of these metals is made by the seller which is as per the rules of the contract.

Short sellers not having metals to deliver will liquidate their positions before the end of the last trading day. Sellers going for a short must possess a metal such as gold and that should be deposited in an approved depository. Generally, the trades are simply placed based on the promise of a particular metal and on knowing that it really exists.

COMEX requires you to understand: 1. COMEX is the primary clearinghouse for silver, gold and copper futures. Products IT. About us Help Center. Check Order Status. Reset Your Password. Enter your email address and we will send you a link to reset your password. Send Password Reset Email. Or Return to Log in. What Is Backwardation and Contango? Why are Silver Coins Different Prices? How is the Gold Spot Price Set? How is the Silver Spot Price Set? How is the Platinum Spot Price Set?

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List of Partners vendors. COMEX is the primary futures and options market for trading metals such as gold, silver, copper, and aluminum. Formerly known as the Commodity Exchange Inc. Commodity Exchange Inc. The merger between Commodity Exchange Inc. The prices and daily activities of global traders on the exchange impact the precious metals markets around the world. Since the futures market is mostly used as a hedging vehicle to mitigate price risk, the majority of futures contracts are never delivered on.

Most trades are made simply on the promise of that metal and on the knowledge that it exists. For traders looking to take actual delivery on a futures contract, deliveries are available beginning on the first notice day and extend to the final day of the contract period. To take delivery, the futures contract holder must first alert the clearinghouse of his intentions and must inform the COMEX that he intends to take possession of the physical commodity in the trading account. Someone who wants to take delivery on gold, for example, will establish a long buy futures position and wait until a short seller tenders a notice to delivery.

These are made available by the seller as part of the contract rules. A short seller that does not have the metals to deliver must liquidate their position by the last trading day. A short that goes to delivery must have the metal, such as gold, in an approved depository. This is represented by the holding of COMEX-approved electronic depository warrants or warehouse receipts , which are required to make or take delivery.

For metals to be considered as COMEX deliverable or good delivery , they must meet certain standards that dictate the minimum purity of the bar, as well as its weight and size.