Metals: Contract Details
Our Metals contracts offer exposure to changes in the value of precious metals. All our contracts are cash settled and cannot result in the delivery of any metal; we quote you our own bid/offer spread based on the underlying metal price.
We offer two different types of metals contract: Spot and Forwards. The two types work in slightly different ways.
Spot Metals
Spot metals have no expiry date; the position remains open until you choose to close it. Separate daily funding adjustments are made for Spot Metals.
Note: We offer mini versions of all Standard Spot Metals contracts at 10% of the main contract size.
Spot Metals Information Table (Standard contracts)
| Contract | One contract means | Value of one contract (per full point) | Normal spread | Ltd risk premium | Margin requirement (per contract) |
|---|---|---|---|---|---|
| Gold | 100 troy oz | USD100 | 0.5 | 0.5 | 3% |
| Silver | 5000 troy oz | USD50 | 5 | 5 | 5% |
Spot Metals Information Table (AUD denominated contracts)
| Contract | Value of one contract (per full point) | Normal spread | Ltd risk premium | Margin requirement (per contract) |
|---|---|---|---|---|
| Gold | A$1 | 0.5 | 0.5 | 3% |
| Silver | A$1 | 5 | 5 | 5% |
Forward Metals
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 | 0.7 | 0.3 | $3000 | Fourth bus. day prior to 1st day of contract month (9) |
| Silver 24 hours except 17.15-18.00 |
5000 troy oz | $50 | 4 | 2 | $6100 | Third Fri. or prev bus. day of prev. month |
| Copper (High Grade) 24 hours except 17.15-18.00 | 25,000 lbs | $2.50 | 80 | 30 | $7762.50 | Third Fri. or prev. bus. day of prev. month |
| Palladium 24 hours except 17.15-18.00 |
100 troy oz | $100 | 4 | 2 | $3700 | Third Fri. or prev. bus. day of prev. month |
| Platinum 24 hours except 17.15-18.00 |
50 troy oz | $50 | 3 | 1.5 | $8100 | Third Fri. or prev. bus. Day of prev. month |
| Aluminium 08.30-17.00 |
25 metric tons | $25 | 16 | n/a | $4600 | Two bus. Days prior to contract date (2nd morning ring on LME) |
| Copper 08.30-17.00 |
25 metric tons | $25 | 20 | n/a | $13,125 | Two bus. Days prior to contract date (2nd morning ring on LME) |
| Lead 08.30-16.50 |
25 metric tons | $25 | 8 | n/a | $7000 | Two bus. Days prior to contract date (2nd morning ring on LME) |
| Nickel 08.30-16.45 |
6 metric tons | $6 | 60 | n/a | $15,600 | Two bus. Days prior to contract date (2nd morning ring on LME) |
| Tin 08.30-16.45 |
5 metric tons | $5 | 40 | n/a | $12000 | Two bus. Days prior to contract date (2nd morning ring on LME) |
| Zinc 08.30-16.50 |
25 metric tons | $25 | 10 | n/a | $6250 | Two bus. Days prior to contract date (2nd morning ring on LME) |
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.
- For Limited Risk transactions, a Limited Risk premium is charged on the opening.
- The minimum transaction size is one contract. Subject to this minimum size, transactions may be in fractions of a contract.
- We quote Spot Metals 24 hours a day, normally from 20.00 (London time) on Sunday until 21.15 (London time) on Friday.
- The normal Margin Percentage for Silver is 4% of the transaction value. The normal Margin Percentage for Gold is 3%. 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 indicator cash rate for Standard Contracts (0.8% for Mini Contracts) unless otherwise agreed in writing. For Spot Metal contracts denominated in Australian Dollars the applicable Australian cash rate will be used with a spread of +/-0.8%. - Positions in Gold, Silver, High Grade Copper, Palladium and Platinum Forwards not already closed by the client expire automatically at the closing price of a futures contract of the relevant metal on the New York Mercantile Exchange on our last dealing day.
Positions in Aluminium, Copper, Lead, Nickel, Tin and Zinc Forwards not already closed by the client expire automatically at the closing price of a futures contract of the relevant metal on the London Metal Exchange 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.
- When you trade in a currency other than your base currency your profit or loss will be realised in that currency and will be booked to your account in that currency. As a default, we will automatically, and on a daily basis, convert any positive or negative balance on your account in a currency other than your base currency to your base currency. You may change this default at any time by calling us or via our PureDeal platform.