Commodities futures are contracts in which sellers promise to deliver a specified commodity by a future date at an agreed-upon price. These contracts are standardized and traded on commodity exchanges.
A fluctuation limit is a boundary placed by commodity exchanges on the daily price movements of futures contracts. Once a commodity reaches this limit, no further trading can occur for that day.
An outcry market is a type of trading environment where prices are set through rapid and continuous verbal negotiations between buyers and sellers. These markets are typically found on the floors of commodity exchanges.
