aluminum

Definition

An industrial metal traded on the futures market. A contract unit for aluminum equals 44,000 tons. Contract prices for aluminum move in minimum increments of $.0005, or $.05 per pound, which means that a $.01 move in the price equals $440 per contract. In general, the maximum daily price fluctuation is capped at $.20 per pound from the previous day's close.

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Palladium Commodities Exchange Inc. (COMEX)