Commodity: A physical substance, such as metal, food or grain, which is interchangeable with other product of the same type, and which investors buy or sell, usually through futures contracts.
Commodity Exchange (COMEX): The leading U.S. exchange for futures and options trading.
Exchange: A place where futures and/or options are traded.
Futures contracts: A commodity exchange agreement to sell or buy a specific amount of a commodity or security at a specific price and time.
Speculator: An investor who hopes to profit from the changing price of a commodity without actually expecting to take or make delivery on a contract.
Hedger: One who buys a futures contract as an insurance policy to offset the risk of fluctuating prices.
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