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A commodity market is a market that trades in the primary economic sector rather than manufactured products. The primary sector includes agricultural products, energy products, and metals. Soft commodities may be perishable and harvested, while hard commodities are usually mined, such as gold and oil. [1]
Commodities can also be mass-produced unspecialized products such as chemicals and computer memory. Popular commodities include crude oil, corn, gold. Other definitions of commodity include something useful or valued [4] and an alternative term for an economic good or service available for purchase in the market. [5]
Sulfur at harbor in North Vancouver, British Columbia, ready to be loaded onto a ship Latex being collected from a tapped rubber tree. A raw material, also known as a feedstock, unprocessed material, or primary commodity, is a basic material that is used to produce goods, finished goods, energy, or intermediate materials that are feedstock for future finished products.
Commodity Main exchange MIC Contract size Symbol Corn: CBOT: XCBT: 5000 bu C/ZC (Electronic) Corn EURONEXT: 50 tons EMA Corn DCE: XDCE: 10 metric tons c Oats CBOT: XCBT: 5000 bu O/ZO (Electronic) Rough Rice CBOT: XCBT: 2000 cwt: ZR Soybeans CBOT: XCBT: 5000 bu: S/ZS (Electronic) No 2. Soybean DCE XDCE: 10 metric tons b Rapeseed: EURONEXT 50 ...
The primary sector of the economy includes any industry involved in the extraction and production of raw materials, such as farming, logging, fishing, forestry and mining. [ 1 ] [ 2 ] [ 3 ] The primary sector tends to make up a larger portion of the economy in developing countries than it does in developed countries .
Robinson, J. (1953) "The production function and the theory of capital", Review of Economic Studies, vol XXI, 1953, pp. 81–106; Anwar Shaikh, "Laws of Production and Laws of Algebra: The Humbug Production Function", in The Review of Economics and Statistics, Volume 56(1), February 1974, pp. 115–120. Wayback Machine
Commodities may be used as a synonym for economic goods but often refer to marketable raw materials and primary products. [7] Although common goods are tangible, certain classes of goods, such as information, only take intangible forms.
One classical breakdown of economic activity distinguishes three sectors: [1] Primary: involves the retrieval and production of raw-material commodities, such as corn, coal, wood or iron. Miners, farmers and fishermen are all workers in the primary sector.