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Commodities trading product details

Spreads from 0.4 points on popular commodity markets

Energies

Our energy contracts offer you exposure to changes in oil and gas prices. All contracts expire at specified future dates and are cash settled; we quote you our own bid/offer spread based on the underlying oil or gas price. Note: We offer mini versions of all energies futures contracts at 50% of the main contract size and margin requirement (25% for Natural Gas).

Contract
and dealing
hours

(London
time)
Value of one
contract 
(per
full point)
Contract
spread [2]
Limited risk
premium
Margin
requirement

(per contract)
[9]
Contract
months and
last dealing
day
[5]
Oil - US Crude
24 hours
(except 22.15-23.00)

 
$10

 
2.8
 
4
 
1.5%


 
Current and next month; 
fourth business day before the 25th of the prior month

 
Oil - Brent Crude
01.00-23.00


 
$10

 
2.8
 
4
 
1.5%

 
Current and next month; 
second business day prior to the 15th day before 1st of the month

 
Heating Oil
24 hours
(except 22.15-23.00)

 
$4.20

 
20
 
20
 
3%


 
Current and next month;
penultimate business day of the prior month

 
No Lead Gasoline
24 hours
(except 22.15-23.00)

 
$4.20

 
30
 
20
 
3%


 
Current and next month;
penultimate business day of the prior month

 
Natural Gas
24 hours
(except 22.15-23.00)

 
$10

 
3
 
20
 
3.5%


 
Current and next month; 
four trading days prior to the first calendar day of contract month

 
Gas Oil
01.00-23.00


 
$100

 
0.6
 
0.6
 
3.5%


 
Current and next month; 
third business day prior to 14th day of contract month

 
Carbon Emissions
07.00-17.00


 
€10

 
3
 
n/a
 
10%


 
Mar, Jun, Sep, Dec;
trading day preceding third Friday of contract month

Notes for energies

All the instruments described on this site are Contracts For Difference (CFDs). Our energies contracts give you exposure to changes in the value of energy prices but they are cash settled and cannot result in the delivery of any commodity or instrument.

1. Our energies contracts give a client exposure to changes in the value of a futures contract but cannot result in the delivery of any commodity or instrument by or to the client.

2. a) CFDs on energy futures are quoted with reference to the equivalent expiry contract on the underlying futures market. We do not apply any weighting or biases to our pricing sources.

b) Spreads are subject to variation, especially in volatile market conditions. Our dealing spreads may change to reflect the available liquidity during different times of day. Our normal spread is shown in the table.

c) Dealing spreads may be offered as a fixed or variable amount. If variable spreads are in use, then the spread shown in this table is the amount of IG spread added to the underlying futures market spread. Any variable dealing spreads are marked with an asterisk (*).

d) We will not charge any additional commission unless we notify you in writing.

3. For limited-risk trades a limited-risk premium is charged if your guaranteed stop is triggered. The potential premium is displayed on the deal ticket, and can form part of your margin when you attach the stop. Please note that premiums are subject to change, especially going into weekends and during volatile market conditions.

4. Positions not already closed by the client expire automatically either at the official exchange-published settlement for the contract or at the official market settlement on the last dealing day, whichever is the earlier.

5. The last dealing day shown in the tables may not always coincide with the last dealing day on the relevant exchange.

6. 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.

7. Positions not already closed by the client expire automatically with spread on the following basis:

Oil - US Crude, Heating Oil, Natural Gas and No Lead Gasoline: based on the settlement price of the relevant futures contract on NYMEX on our last dealing day

Oil - Brent Crude, Gas Oil and Carbon Emissions: based on the settlement price of the relevant futures contract on ICE on the last dealing day

8. 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 trading platform.

9. Please note that tiered margining applies; this means that higher margins may be required for large positions. Margin requirements represent a percentage of the overall position value, and can vary depending on which account type you hold. You can find the applicable tiered margins from the Get Info dropdown section within each market in the trading platform. See our charges page for more details.

Metals

Our metals contracts offer exposure to changes in the price of precious metals. The 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 market. We offer two different types of metals contract: Spot and Futures. The two types work in slightly different ways.

Metals spot contracts

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 spot metals contracts at 10% of the main contract size.

Contract One contract
means
Value of one
contract 

(per full point)
Contract
spread [1]
Limited risk
premium
Margin
requirement

(per contract)
Gold 100 troy oz
 
$100

 
0.3
 
0.3
 
0.7%

 
Silver 5000 troy oz
 
$50

 
2
 
2
 
2%

 
Palladium 100 troy oz
 
$100

 
1.2
 
2
 
3.5%

 
Platinum 50 troy oz
 
$50

 
1.8
 
1.5
 
2%

 

Metals futures contracts

Our futures contracts expire at specified dates in the future. Note: We offer mini versions of all metals futures contracts at 20% of the main contract size and margin requirement (33% for Gold).

Contract and
dealing hours

(London time)
One contract
means
Value of one
contract
(per
full point)
Contract
spread [1]
Limited risk
premium
Margin
requirement 

(per contract)
Last dealing
day
[6]
Gold
24 hours except 22.15-23.00
 
100 troy oz
 
$100

 
0.6
 
0.3
 
0.7%

 
Fourth business day prior to first day of contract month (9)
 
Silver
24 hours except 22.15-23.00
 
5000 troy oz
 
$50

 
3
 
2
 
2%

 
Fourth Friday of prior month
 
High Grade Copper
24 hours except 22.15-23.00
 
25,000 lbs
 
$2.50

 
40
 
30
 
1.5%

 
Fourth Friday of prior month
 
Palladium
24 hours except 22.15-23.00
 
100 troy oz
 
$100

 
2
 
2
 
3.5%

 
Fourth Friday of prior month
 
Platinum 
24 hours except 22.15-23.00
 
50 troy oz
 
$50

 
2
 
1.5
 
2%

 
Fourth Friday of prior month
 

Base Metals contracts

Base metals contracts have no expiry date; the position remains open until you choose to close it. Our quotes for this market are based on the three month forward prices for the underlying instrument. Separate daily funding adjustments are made for base metals.

Contract and
dealing hours

(London time)
One contract
means
Value of one
contract
(per
full point)
Value of one
mini contract

(per full point)
Contract
spread [1]
Limited risk
premium
Margin per lot
Aluminium 
01.00-18.00
 
25 metric tonnes
 
$25

 
$5

 
6
 
8
 
5%
Copper
01.00-18.00
 
25 metric tonnes
 
$50

 
$5

 
10
 
10
 
5.5%
Lead
01.00-18.00
 
25 metric tonnes
 
$2.50

 
$5

 
6
 
8
 
5%
Nickel
01.00-18.00
 
6 metric tonnes
 
$100

 
$1

 
30
 
40
 
8%
Zinc
01.00-18.00
 
25 metric tonnes
 
$25

 
$5

 
6
 
8
 
4%

Notes for metals

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.

1. a) CFDs on metal futures are quoted with reference to the equivalent expiry contract on the underlying futures market. CFDs on spot metals are quoted based on quotes in the underlying market available to us from the banks and liquidity providers with which we trade.  We do not apply any weighting or biases to our pricing sources.

b) Spreads are subject to variation, especially in volatile market conditions. Our dealing spreads may change to reflect the available liquidity during different times of day. Our normal spread is shown in the table.

c) Dealing spreads may be offered as a fixed or variable amount. If variable spreads are in use, then the spread shown in this table is the amount of IG spread added to the underlying futures market spread. Any variable dealing spreads are marked with an asterisk (*).

d) We will not charge any additional commission unless we notify you in writing.

2. For limited-risk trades a limited-risk premium is charged if your guaranteed stop is triggered. The potential premium is displayed on the deal ticket, and can form part of your margin when you attach the stop. Please note that premiums are subject to change, especially going into weekends and during volatile market conditions.

3. Minimum transaction sizes usually start from one contract. Please refer to the 'Get Info' section within our trading platform to find the minimum transaction size for each market. Subject to this minimum size, transactions may be in fractions of a contract.

4. We quote spot metals 24 hours a day (except 22.15-23.00), normally from 23.00 (London time) on Sunday until 22.00 (London time) on Friday. Futures contracts are quoted until 22.15 on Fridays.

7. For spot metal transactions, funding adjustments are calculated and posted to the client's account daily. Funding adjustments are calculated based on the relevant tom-next spread, including an admin fee of 0.3% p.a. An adjustment is calculated for any position opened before 22.00 that is still open after 22.00 (London time).

8. Positions in Gold, Silver and High Grade Copper futures not already closed by the client expire automatically at the settlement price of a futures contract of the relevant metal on COMEX on our last dealing day.

Positions in Palladium and Platinum futures not already closed by the client expire automatically at the settlement price of a futures contract of the relevant metal on NYMEX on our last dealing day.

Positions in Aluminium, Copper, Lead, Nickel, Tin and Zinc futures not already closed by the client expire automatically at the settlement 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 futures metal is settled is designated in the name of the futures metal contract (e.g. DEC07).

9. 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 them 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 they so wish, to roll the position over before it expires.

10. Where the Gold (futures) 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.

11. 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 trading platform.

Softs

Our soft commodity contracts offer exposure to changes in commodity prices. All our contracts expire at specified dates in the future and are cash settled; we quote you our own bid/offer spread based on the underlying commodity price. Note: We offer mini versions of our commodity futures contracts at 20% or 50% of the main contract size and margin. Please see note 8 for more information.
 

Contract and
dealing hours

(London time)
 
Value of one
contract
(per
full point)
Contract
spread [2]
Limited risk
premium
Margin
requirement

(per contract)
Contract
months and
last dealing day
Cattle (Feeder)
Chicago
14.30-18.05
 
$5

 
14
 
30
 
2.5%

 
Jan, Mar, Apr, May, Aug, Sep, Oct, Nov
Last business day of prior month
 
Cattle (Live)
Chicago
14.30-18.05
 
$4

 
12
 
30
 
2%

 
Feb, Apr, Jun, Aug, Oct, Dec
Last business day of prior month
 
Cocoa (London)
London
09.30-16.50
 
£10

 
4
 

3
4%
 
Mar, May, Jul, Sep, Dec
5th business day of contract month
 
Cocoa (US)
New York
09.45-18.30
 
$10

 
8
 
4
 
3%

 
Mar, May, Jul, Sep, Dec
2nd Friday or previous business day of previous month
 
Coffee Arabica
New York
09.15-18.30
 
$3.75

 
20
 
20
 
3%

 
Mar, May, Jul, Sep, Dec
Second Friday or previous business day of previous business month
 
Coffee Robusta
London
09.00-17.30
 
$10

 
3
 
6
 
3%

 
Jan, Mar, May, Jul, Sep, Nov
Four business days prior to the first calendar day of the delivery month
 
Corn
Chicago
01.00-13.45 
14.30-19.15
$50

 
0.6
 
1.5
 
3%

 
Mar, May, Jul, Sep, Dec
Fourth Friday of prior month
 
Cotton
New York
02.00-19.20
 
$5

 
15
 
15
 
4%

 
Mar, May, Oct, Jul, Dec
Third Friday of prior month
 
Lean hogs
Chicago 
14.30-18.05
$4

 
10
 
30
 
2.5%

 
Feb, Apr, Jun, Jul, Aug, Oct, Dec
Last business day of prior month
 
Lumber
Chicago
15.00-22.00
 
$1.10

 
60
 
80
 
3.5%

 
Jan, Mar, May, Jul, Sep, Nov
Last business day of prior month
 
Milling Wheat
Paris
09.45-17.30
€50

 
0,6
 
1
 
6%

 
Jan, Mar, May, Jul, Sep, Nov
Last business day of previous month
 
Oats
Chicago
01.00-13.45
14.30-19.15
$50

 
0.6
 
1.5
 
5%

 
Mar, May, Jul, Sep, Dec
Fourth Friday of prior month
 
Orange Juice
New York
13.00-19.00
 
$1.5

 
24
 
20
 
4%

 
Jan, Mar, May, Jul, Sep, Nov
Four business days prior to the first calendar day of the delivery month
 
Rapeseed
Paris
09.45-17.30
 
€50

 
0.7
 
2
 
4%

 
May, Aug, Nov
Penultimate business day of prior month
 
Rough Rice
Chicago
01.00-13.45
14.30-19.15
$2

 
20
 
30
 
3%

 
Jan, Mar, May, Jul, Sep, Nov
Fourth Friday of prior month
 
Soyabeans
Chicago
01.00-13.45
14.30-19.15
$50

 
1.2
 
2
 
2.5%

 
Jan, Mar, May, Jul, Aug, Sep, Nov
Fourth Friday of prior month
 
Soyabean Meal
Chicago
01.00-13.45
14.30-19.15
$1

 
40
 
50
 
3.5%

 
Jan, Mar, May, Jul, Aug, Sep, Oct, Dec
Fourth Friday of prior month
 
Soyabean Oil
Chicago
01.00-13.45
14.30-19.15
$6

 
10
 
6
 
4%

 
Jan, Mar, May, Jul, Aug, Sep, Oct, Dec
Fourth Friday of prior month
 
Sugar No. 5
London
08.45-17.55
 
$50

 
0.6
 
0.8
 
4%

 
Mar, May, Aug, Oct, DecFirst Friday of the prior contract month
 
Sugar No.11 World
New York
08.30-18.00
 
$11.20

 
3
 
4
 
3%

 
Mar, May, Jul, Oct
Penultimate business day of previous month
 
Wheat (Chicago)
Chicago
01.00-13.45
14.30-19.15
$50

 
0.6
 
1.5
 
2.5%

 
Mar, May, Jul, Sep, Dec
Fourth Friday of prior month
 
Wheat (London)
London
9.30-17.28
 
£100

 
0.4
 
0.3
 
4%

 
May, Nov
Third Friday of prior month
 

Notes for softs

All the instruments described on this site are Contracts For Difference (CFDs). Our contracts give you exposure to changes in the value of commodity prices but they are cash settled and cannot result in the delivery of any commodity or instrument.

1. Our commodities CFDs give a client exposure to changes in the value of a futures contract but cannot result in the delivery of any commodity or instrument by or to the client.

2. a) CFDs on commodity futures are quoted with reference to the equivalent expiry contract on the underlying futures market. We do not apply any weighting or biases to our pricing sources.

b) Spreads are subject to variation, especially in volatile market conditions. Our dealing spreads may change to reflect the available liquidity during different times of day. Our normal spread is shown in the table.

c) Dealing spreads may be offered as a fixed or variable amount. If variable spreads are in use, then the spread shown in this table is the amount of IG spread added to the underlying futures market spread. Any variable dealing spreads are marked with an asterisk (*).

d) We will not charge any additional commission unless we notify you in writing.

3. Positions not already closed by the client expire automatically with spread on the following basis:

  • Coffee Arabica, US Cocoa, US Sugar No.11, US Cotton and Orange Juice: based on the settlement price of the relevant futures contract on NYBOT on our last dealing day
  • Chicago Wheat, Corn, Oats, Rough Rice, Soyabeans, Soyabean Oil and Soyabean Meal: based on the settlement price of the relevant futures contract on CBOT on our last dealing day
  • Live Cattle, Feeder Cattle, Lean Hogs and Lumber: based on the settlement price of the relevant futures contract on CME on our last dealing day
  • Milling Wheat and Rapeseed: based on the settlement price of the relevant futures contract on Euronext on our last dealing day.
  • Coffee Robusta, London Cocoa, London Sugar No. 5, London Wheat: based on the settlement price of the relevant futures contract on LIFFE on our last dealing day.

4. The last dealing day shown in the tables may not always coincide with the last dealing day on the relevant exchange.

5. Contracts on Live Cattle, Feeder Cattle and Lean Hogs open at 15.05 (London time) on the Monday of a normal business week, and close on Fridays at 19.55 (London time).

6. 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.

7. Only liquid months will be available at any one time.

8. We offer mini versions of our commodity contracts - with proportionately reduced margin requirements - at the following rates:

  • 20% of main contract size: London Cocoa, London Coffee, London Sugar, London Wheat, Milling Wheat, Rapeseed
  • 50% of main contract size: US Cocoa, US Coffee, US Sugar, Orange Juice, Corn, Oats, US Wheat, Soyabeans, Soyabean Meal, Soyabean Oil, Rough Rice, Feeder Cattle, Live Cattle, Lean Hogs, Cotton, Lumber

9. 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 trading platform.

10. Please note that tiered margining applies; this means that higher margins may be required for large positions. Margin requirements represent a percentage of the overall position value, and can vary depending on which account type you hold. If two values are listed, the first value applies to Trader accounts and the second to Select accounts. You can find the applicable tiered margins from the Get Info dropdown section within each market in our trading platform. See our charges page for more details.

11. Contracts on Lumber are available for trading from 15.00 (London time) on the Monday of a normal business week until 03:00 (London time). The market will close early on a Friday at 19.55 (London time). Note that there is a break each day between 16.00 and 17.00 (London time).

Find out more about our charges and fees