commodity Contract Specifications

CL - crude Light
QM - crude-mini , 1/2 of CL
Options - Crude Options have x 1000 , so do (optionPrice x 1000 )

GC - Gold Contract
YG - Gold mini , 1/3 of GC
Options - Gold Options have x 100 so do (optionPrice x 100 )

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asr: notice December 2009 (year from now) gold contract has premium only $1000 compared to current month future contract price
- where as for crude 'one year future contract' premium is $10000
- notice it, why is this ? is it this way always i.e crude commands big 1 year premium vs. 1 year gold future contract?
- or is it because no economy worldwide outlook is bleak next one year, market thinks people do not buy gold ?
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Gold Futures and Options
Trading Hours
Futures and Options: Open outcry trading is conducted from 8:20 A.M. until 1:30 P.M. Eastern Time

Electronic trading is conducted via the CME Globex® trading platform from 6:00 PM Sundays through 5:15 PM Fridays, Eastern Time, with a 45-minute break each day between 5:15 PM and 6:00 PM.

Last Trading Day
Futures: Trading terminates at the close of business on the third to last business day of the maturing delivery month.

Options: Beginning with the expiration of the December 2002 contract, options will expire on the fourth business day prior to the end of the month preceding the options contract month. If the expiration day falls on a Friday or immediately prior to an Exchange holiday, expiration will occur on the previous business day.

asr: so December Options expires 3 days before 'calender month end of November' , that is why you do not see 'November options ' in the month of ' November'
- above options expiration is for Gold, it seems Crude CL follows same as gold.