Markets · Commodities
Hard assets, priced without the paperwork
34 energy, metal and agricultural contracts, all cash settled in your account currency. Roll calendars published three days in advance, spot gold from a 0.20 spread and no delivery risk at any point.
- Contracts
- 34
- Gold spread from, USD
- 0.20
- Roll notice period
- T-3
- Physical delivery risk
- 0
Sectors
Three sectors that behave nothing alike
Energy trades on inventory and geopolitics, metals on rates and the dollar, agriculture on weather. We price each on its own terms.
Energy
WTI, Brent, natural gas, heating oil and gasoline on the front two months.
- WTI
- Brent
- Nat gas
- Heating oil
- Gasoline
- Gasoil
Metals
Precious metals quoted spot against USD, EUR and CHF; base metals on futures.
- Gold
- Silver
- Platinum
- Palladium
- Copper
- Aluminium
Agriculture
Grains, softs and livestock on the primary US and European contracts.
- Wheat
- Corn
- Soybeans
- Coffee
- Sugar
- Cocoa
Roll calendar
Expiry week should never be a surprise
Published for the current quarter and updated the moment an exchange changes a date. Notice reaches you by email and in the terminal.
| Contract | Active month | Roll date | Expiry | Cycle |
|---|---|---|---|---|
| WTI Crude | Sep 2026 | 18 Aug | 21 Aug | Monthly |
| Brent Crude | Oct 2026 | 20 Aug | 25 Aug | Monthly |
| Natural gas | Sep 2026 | 24 Aug | 27 Aug | Monthly |
| Copper | Sep 2026 | 22 Sep | 25 Sep | Quarterly |
| Wheat | Dec 2026 | 20 Nov | 24 Nov | Quarterly |
| Coffee | Dec 2026 | 18 Nov | 21 Nov | Quarterly |
Settlement
Cash settled, rolled cleanly, logged separately
Everything below exists so a commodity position never turns into a logistics problem.
- 01
Cash settled, always
Every contract is cash settled in your account currency. No warehouse receipts, no delivery notices, no barrels.
- 02
Roll published three days out
We post the roll date, the outgoing and incoming contract and the price adjustment before it happens.
- 03
Adjustment shown as its own line
Roll adjustments appear separately in the ledger so your realised P&L stays clean.
- 04
Position transfer, not liquidation
Open positions transfer to the next contract automatically unless you ask us to close them at the roll.
Pricing
Spread, commission and margin per contract
Indicative for a Raw account during the primary session. Margin bands change only with 48 hours notice.
| Contract | Spread from | Commission | Margin | Basis |
|---|---|---|---|---|
| Gold (XAU/USD) | 0.20 | USD 0.00 | 5.00% | Spot |
| Silver (XAG/USD) | 0.02 | USD 0.00 | 10.00% | Spot |
| WTI Crude | 0.03 | USD 2.50 | 10.00% | Front month |
| Brent Crude | 0.03 | USD 2.50 | 10.00% | Front month |
| Natural gas | 0.005 | USD 2.50 | 20.00% | Front month |
| Wheat | 0.25 | USD 3.00 | 20.00% | Quarterly |
“Spreads hold through the London open, which is the only test I care about. Withdrawals land the same day.”
Questions
Commodities, answered plainly
Will I ever have to take delivery?
No. Every commodity contract we offer is cash settled in your account currency, and positions roll rather than expire into delivery.
How is the roll adjustment calculated?
The adjustment equals the price difference between the outgoing and incoming contract at the roll snapshot, credited or debited as a separate ledger line.
Can I hold gold as an investment rather than a trade?
Yes. Spot metal positions carry no expiry, and financing on unleveraged spot metal is zero.
Are agricultural contracts available all year?
They follow the underlying contract calendar. Between quarterly contracts, the next liquid month is quoted with a wider band.
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