COMEX, or the Commodity Exchange Inc., is a futures and options market for trading metals such as gold, silver, copper, and aluminum. It functions as a division of the New York Mercantile Exchange (NYMEX), part of the CME Group. COMEX is renowned for its standardized contract specifications, serving as a key platform for commodities trading and price determination.
A futures market is a financial exchange where futures contracts, which are agreements to buy or sell specific commodities or financial instruments at a predetermined future date and price, are traded.
Open outcry is a method of trading on a commodity exchange where traders shout out their buy or sell offers. When a trader shouts he wants to sell at a particular price and another trader shouts he wants to buy at that price, the two traders have made a contract that will be recorded.
