Commodities trading

In addition to our vast range of commodity futures, we now offer commodities with no expiry points.

Commodity prices

Markets Sell Buy Change
Spot Gold
Spot Silver (5000oz)
Brent Crude
US Light Crude
Natural Gas

Prices above are subject to our website terms and conditions. Prices are indicative only.

Find a commodity to trade

Use our market finder tool to find news, videos, analysis and data on the commodities you want to trade. Or browse for popular pairs.

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The new way to trade commodities

Our new commodity product enables you to take a short-term view on 26 key commodity markets.

The new offering works in the same way as an index CFD. And just like an index position, you’ll pay a funding charge for holding your commodity position overnight.

As there are no fixed expiries, we are also able to offer continuous charting on these markets. This means your technical analysis will be available as long as you want it. We have used past data to backdate our charts for the last three to five years, so you can get an accurate historical look.

  • Lower spreads

    Enjoy some of the best commodity spreads on the market with no insurance costs, including on gold and oil

  • Increased transparency

    As a continuous stream, your profit/loss will be clearer over the position's lifetime and with a daily funding charge for holding a position overnight, there's no need to close on expiry and open a new position

  • Continuous charting

    Take advantage of technical analysis, available as long as you want, and backdated price charts for the last three to five years

How do we make our prices?

In the absence of a continuously traded underlying market, we have created an algorithm to derive a price from the forward curve of each commodity. It will automatically calculate and apply day-to-day funding requirements.

To price these markets we use two futures contracts on the underlying commodity. For each market we look at the contracts that have sufficient liquidity, then use the two with the nearest expiry dates.

The one that has the closest expiry date is called the front month contract, and is labelled ‘A’ in our diagram. The one with the second-nearest expiry date is called the back month contract and is labelled ‘B’.

As soon as the previous contract expires, the price we offer is equal to the price of ‘A’. When ‘A’ expires, ‘B’ becomes the front month contract, and our price is equal to the price of ‘B’.

In between these two expiry points, our price gradually moves from the price of ‘A’ towards the price of ‘B’. Depending on the commodity, the price of ‘B’ can be higher or lower than the price of ‘A’.

Overnight funding charges for these markets reflect one day's movement along the forward curve from the price of 'A' towards the price of 'B'.

Overnight funding adjustments and costs

See a worked example of the basis adjustment and overnight costs for CFDs.

All commodities costs and details

See full details including spreads, dealing hours and margins for all our commodities, in our help area.

Why trade commodities with IG?

  • Unique range of markets

    Join Australia's No.1 CFD provider1, and trade on a wide range of popular and niche metals, energies and softs

  • Sophisticated risk management

    Use our risk management tools to manage your positions even in volatile times

  • Trade commodities on margin

    Trade CFDs to gain full exposure with just a small initial deposit, but remember with leverage comes increased risk

  • Better deals for active traders

    Get more value with cash rebates.

Knock-outs trading

Start trading knock-outs with IG and enjoy a range of unique benefits. These limited-risk positions enable you to choose your own margin and risk on forex, indices and commodities – whether your view is bullish or bearish.


Below are our contract spreads for CFDs and MT4. Download MT4 to get faster execution and greater automated trading (only available for gold and silver).




Spot Gold 0.3 0.3
Spot Silver (5000oz) 2 2
Oil - US Crude 2.8 2.8
Oil - Brent Crude 2.8 2.8
Chicago wheat 0.6 n/a
London sugar 0.6 n/a
  Full CFD details Full MT4 details

Commodity futures

Contract spreads

Gold 0.6
Silver 3.0
Oil - US Crude 6.0
Oil - Brent Crude 6.0
Chicago wheat 1.0
London sugar 0.8
Full CFD details

Open an account now

Fast execution on a huge range of markets

Enjoy flexible access to more than 17,000 global markets, with reliable execution

Fast execution on a huge range of markets

Enjoy flexible access to more than 17,000 global markets, with reliable execution

Deal seamlessly, wherever you are

Trade on the move with our natively designed, award-winning trading app

Deal seamlessly, wherever you are

Trade on the move with our natively designed, award-winning trading app

Feel secure with a trusted provider

With 45 years of experience, we’re proud to offer a truly market-leading service

Feel secure with a trusted provider

With 45 years of experience, we’re proud to offer a truly market-leading service

New to commodities trading?

Commodities are the basic building blocks of the global economy. They are natural resources traded on dedicated exchanges around the world. 

There are two types of commodity – soft and hard. Soft commodities are typically agricultural like wheat or sugar, whereas hard commodities are metals or energies like silver and gas.

The production and consumption of commodities depends on many factors, including:

  • Supply and demand 
  • The weather
  • Economic and political events
  • The US dollar (commodities are normally priced in the US currency)

As a result of all these factors, commodity prices can fluctuate significantly.

How and where commodities are traded

Commodities are traded on a number of exchanges that specialise in particular markets.

Commodities are also generally traded as futures contracts. These are simply agreements to trade an asset at an agreed price and date in the future. This enables you to trade the contracts themselves without ever having to own the underlying asset.

Related links

How does it work?

View commodities example

Market and price
Spot Gold 1248.06/1248.46

Buy at 1,248.46

Trade size

1 standard contract

Equals US$100 per point

Margin required

Margin = Number of contracts x value of one contract x level of spot gold (mid) x margin rate (0.7%)

1 x 1,248.26 x US$100 x 0.7% = US$873.78

What happens next?
Spot Gold rallies 10 points into the next day. This position is held through 10pm London time, when funding is calculated.

Funding = size x (tom-next rate + IG's chage for holding positions overnight which is no more than 0.0022% per day)

US$100 x 0.12 = US$12

1258.06 / 1258.46

Sell at 1,258.06

Gross profit

1,258.06 - 1,248.46 = 9.6

Value per point = US$100

9.6 x US$100 = US$960

0.4 point IG spread (included)

Funding cost = US$12
Net profit


What if...

If the market dropped 10 points instead (with a spread of 0.4 points):

US$1,040 + US$12

Net loss = US$1,052

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CFD example

CFD example

The equation for calculating the overnight adjustment is broken down into two parts; the daily movement along the futures curve (basis), and the IG charge. This is applied to positions open at 10pm UK time.

Overnight adjustment = number of contracts x contract size x (basis + IG charge)

Formula for the IG charge = price x 2.5% / 365

Formula for basis = (P3 – P2) / (T2 – T1) 

T1 = expiry date of the previous front future 
T2 = expiry date of the front future 
P2 = price of front future 
P3 = price of next future 

The basis equates to the daily movement of our undated price along the futures and may be a credit or a debit. This will either be a positive or negative number depending on the direction of your trade and the slope of the forward curve. 
For example imagine you are long one $10 contract on US Oil. If there was a time difference between T1 and T2 of 31 days, and front month future (P2) was 4700 and the next future (P3) was 4770 then the overnight adjustment would be calculated as follows:
Overnight adjustment   = 1 x $10 x ((4770 – 4700 / 31) + (4700 x 2.5% / 365))

                                      = $22.58 + $3.22

In our example the cost to hold the position overnight is $3.22, however you will also see a cash neutral futures curve adjustment as well. The $22.58 basis adjustment will be offset in the running profit or loss on the position.

On the other hand, if you were short US Oil in the above example then you would receive $22.58 and pay $3.22, therefore a net credit of $19.36.

For any position opened before 10pm Friday that is still open after 10pm Friday, the basis adjustment will be made for three days as opposed to one. This three-day adjustment is applied on the Sunday night or Monday morning.

1Number 1 in Australia by primary relationship, CFD & FX, Investment Trends December 2019 Leveraged Trading Report

Help and support

Get answers

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