See main article: Commodity market. A commodities exchange is an exchange, or market, where various commodities are traded. Most commodity markets around the world trade in agricultural products and other raw materials (like wheat, barley, sugar, maize, cotton, cocoa, coffee, milk products, pork bellies, oil, and metals). Trading includes various types of derivatives contracts based on these commodities, such as forwards, futures and options, as well as spot trades (for immediate delivery).
A futures contract provides that an agreed quantity and quality of the commodity will be delivered at some agreed future date. A farmer raising corn can sell a futures contract on his corn, which will not be harvested for several months, and gets a guarantee of the price he will be paid when he delivers; a breakfast cereal producer buys the contract and gets a guarantee that the price will not go up when it is delivered. This protects the farmer from price drops and the buyer from price rises. Speculators and investors also buy and sell these contracts to try to make a profit; they provide liquidity to the system.
Some of these exchanges also trade financial derivatives, such as interest rate and foreign exchange futures, as well as other instruments such as ocean freight contracts and environmental instruments. In some cases these are mentioned in the lists below.
| Rank | Year | Commodity Exchange | Short name | Region | Market Cap (USD billion) | |
|---|---|---|---|---|---|---|
| 1 | 2018 | Chicago Mercantile Exchange | CME | Chicago | ||
| 2 | 2018 | Tokyo Commodity Exchange | TOCOM | Tokyo | ||
| 3 | 2018 | London Metal Exchange | LME | London |
Main commodity exchanges worldwide:
| Group | Name | Abbreviation | City | Commodity types | |
|---|---|---|---|---|---|
| Ghana Commodity Exchange[1] | GCX | Accra, Ghana | Agricultural | ||
| Africa Mercantile Exchange | AfMX | Nairobi, Kenya | Agricultural, Energy | ||
| Egyptian Commodities Exchange | EGYCOMEX | Cairo, Egypt | Agricultural, Energy | ||
| Nairobi Coffee Exchange | NCE | Nairobi, Kenya | Coffee | ||
| Ethiopia Commodity Exchange | ECX | Addis Ababa, Ethiopia | Agricultural | ||
| Mercantile Exchange of Madagascar[2] | MEX | Antananarivo, Madagascar | Agricultural, Metals, Energy | ||
| East Africa Exchange[3] | EAX | Kigali, Rwanda | Agricultural | ||
| Agricultural Commodity Exchange for Africa[4] | ACE | Lilongwe, Malawi | Agricultural | ||
| Auction Holding Commodity Exchange[5] | AHCX | Lilongwe, Malawi | Agricultural | ||
| Bourse Africa (previously GBOT)[6] [7] | Ebene City, Mauritius | Metals, Forex | |||
| JSE Limited | South African Futures Exchange | JSE | Sandton, South Africa | Agricultural | |
| Nigeria Commodity Exchange | NCX | Abuja, Nigeria | Agricultural products | ||
| Lagos Commodities and Futures Exchange | LCFE | Lagos, Nigeria | Agricultural products, Oil and Gas, Currency, Solid Minerals | ||
| AFEX Commodities Exchange Limited[8] | AFEX Nigeria | Abuja, Nigeria | Agricultural products | ||
| Zimbabwe Mercantile Exchange | ZMX | Harare, Zimbabwe | Agricultural commodities |
| Group | Exchange | Abbreviation | Location | Product Types | |
|---|---|---|---|---|---|
| Brazilian Mercantile and Futures Exchange | BMF | São Paulo, Brazil | Agricultural, Biofuels, | ||
| CME Group | Chicago Board of Trade | CBOT | Chicago, United States | Grains, Ethanol, Treasuries, equity index, Metals | |
| Chicago Mercantile Exchange | CME | Chicago, United States | Meats, Currencies, Eurodollars, equity index, interest rate future | ||
| New York Mercantile Exchange | NYMEX | New York, United States | Energy, Precious Metals, Industrial Metals | ||
| Kansas City Board of Trade | KCBT | Kansas City, United States | Agricultural | ||
| Chicago Climate Exchange | CCX | Chicago, United States | Emissions | ||
| Flett Exchange | Jersey City, United States | Environmental | |||
| HedgeStreet Exchange | California, United States | Energy, industrial Metals | |||
| HoustonStreet Exchange | New Hampshire, United States | Crude Oil, Distillates | |||
| ICE | Intercontinental Exchange | ICE | Atlanta, United States | Energy, Emissions, Agricultural, Biofuels | |
| LedgerX | LX | New York, United States | Digital Assets | ||
| Memphis Cotton Exchange | Memphis, United States | Agricultural | |||
| MATba Rofex | MATba Rofex | Argentina | Financial and Agricultural | ||
| Miami International Holdings | Minneapolis Grain Exchange | MGEX | Minneapolis, United States | Agricultural | |
| Nadex Exchange | Chicago, United States | Energy, Industrial Metals | |||
| Nodal Exchange | Nodal | Virginia, United States | Energy, Power, Environmental | ||
| Sioux City Grain Exchange | SCGX | Sioux City, United States | Agricultural | ||
| U.S. Futures Exchange | USFE | Chicago, United States | Energy | ||
| Winnipeg Commodity Exchange | ICE | Manitoba, Canada | Agricultural |
| Group | Name | Abbreviation | Location | width=480pt | Product Types |
|---|---|---|---|---|---|
| Bombay Stock Exchange | BSE | India | Base metal, agricultural, energy, precious metals | ||
| Manila Commodity Exchange | MCX | Manila, Philippines | Base metals, agricultural, energy, and currencies | ||
| International Commodity Exchange Kazakhstan | Almaty, Kazakhstan | Industrial and Mineral Products, Oil by-products and petrochemicals, Agricultural | |||
| Agricultural Futures Exchange of Thailand[9] | AFET | Bangkok, Thailand | Agricultural | ||
| Bangla Mercantile Exchange | |||||
| Bursa Malaysia | MDEX | Malaysia | Biofuels | ||
| Cambodian Mercantile Exchange | CMEX | Phnom Penh, Cambodia | Energy, Industrial Metals, Rubber, Precious Metals, Agricultural | ||
| Chittagong Tea Auction | Chittagong, Bangladesh | Tea | |||
| Dalian Commodity Exchange | DCE | Dalian, China | Agricultural, Plastics, Energy | ||
| Dubai Mercantile Exchange | DME | Dubai, United Arab Emirates | Energy | ||
| Dubai Gold & Commodities Exchange | DGCX | Dubai, United Arab Emirates | Precious Metals | ||
| Hong Kong Mercantile Exchange | HKMEx | Hong Kong | Gold, Silver | ||
| ICE Futures Abu Dhabi | IFAD | Abu Dhabi, United Arab Emirates | Murban oil futures | ||
| Indonesia Commodity and Derivatives Exchange | ICDX | Jakarta, Indonesia | Agricultural, Base Metals, Financial Products | ||
| Iran Energy Exchange | IRENEX | Tehran, Iran | All energy carriers such as crude oil, petroleum products, electricity, coal | ||
| Iran Mercantile Exchange | IME | Tehran, Iran | Industrial and Mineral Products, Oil by-products and Petrochemicals, Agricultural | ||
| İzmir Commodity Exchange | ICE | İzmir, Turkey | Agricultural | ||
| Jakarta Futures Exchange[10] | JFX | Jakarta, Indonesia | Cocoa, Coffee, Precious Metals, Olein, CPO, Coal, Tea, Rubber | ||
| Japan Exchange Group | XOSE | Osaka, Japan | Financials, Precious Metals, Rubber, Agricultural[11] | ||
| Tokyo Commodity Exchange | TOCOM | Tokyo, Japan | Energy | ||
| - | Osaka Dojima Exchange | XKAC | Osaka, Japan | Agricultural, Raw sugar, Precious metals[12] | |
| Commodities & Metal Exchange Nepal Ltd. | COMEN | Nepal | Gold, Silver | ||
| National Spot Exchange Limited | [NSEL] | Mumbai, India | |||
| Nepal Derivative Exchange Limited | [NDEX] | Kathmandu, Nepal | Agricultural, Precious Metals, Base Metals, Energy | ||
| Derivative and Commodity Exchange Nepal Ltd. | DCX | Kathmandu, Nepal | Agricultural, Bullion, Base Metals, Energy | ||
| MEX Nepal | MEX | Kathmandu, Nepal | Agricultural, Bullion, Base Metals, Energy | ||
| Nepal Spot Exchange Limited | NSE | Kathmandu, Nepal | Agricultural, Bullion | ||
| Indian Commodity Exchange Limited | ICEX | India | Energy, Precious Metals, Base Metals, Agricultural www.icexindia.com | ||
| Multi Commodity Exchange | MCX | India | Precious Metals, Base Metals, Energy, Agricultural | ||
| National Commodity and Derivatives Exchange | NCDEX | India | Precious Metals, Base Metals, Energy, Agricultural | ||
| National Multi-Commodity Exchange of India Ltd | NMCE | India | Precious Metals, Base Metals, Agricultural | ||
| Chamber of Commerce, Hapur | COC | India | Agricultural | ||
| Ace Derivatives & Commodity Exchange Ltd. | ACE | India | Agricultural | ||
| Bhatinda Om & Oil Exchange Ltd. | BOOE | India | Agricultural | ||
| Universal Commodity Exchange | UCX | India | Agricultural, Energy, Precious Metals | ||
| Pakistan Mercantile Exchange | PMEX | Pakistan | Precious Metals, Agricultural, Energy, Interest rate futures, currencies, Metals | ||
| Shanghai Futures Exchange | SHFE | Shanghai, China | Industrial metals, Gold, Petrochemicals, Rubber, Base metals | ||
| Shanghai International Energy Exchange | INE | Shanghai, China | Energy, rubber, metal | ||
| Shanghai Gold Exchange | Shanghai, China | Precious Metals | |||
| SGX Group | Singapore Commodity Exchange | SICOM | Singapore | Agricultural, Rubber | |
| Asia Pacific Exchange | APEX | Singapore | Financials, Agricultural, Energy | ||
| ACX (AirCarbon Exchange)[13] | ACX | Singapore | Carbon offset | ||
| Uzbek Commodity Exchange | UZEX | Tashkent, Uzbekistan | Metals, crude oil products, chemicals, base oils, LPG and polyethylene, sugar, agricultural, etc. | ||
| Zhengzhou Commodity Exchange | CZCE | Zhengzhou, China | Agricultural, PTA | ||
| Mercantile Exchange of Vietnam | VNX | Hanoi, Vietnam | Coffee, Rubber, Steel | ||
| Buôn Ma Thuột Coffee Exchange Center | BCEC | Buôn Ma Thuột, Vietnam | Coffee | ||
| MCE | Ulaanbaatar, Mongolia | There are 21 types of raw materials of 6 group commodities traded on the market:"Cashmere, Wool, Livestock, Grain, Meat, Leather" |
| Group | Exchange | Abbreviation | Location | Product Types | Life Time |
|---|---|---|---|---|---|
| APX-ENDEX | APX-ENDEX | Amsterdam, Netherlands | Energy | ||
| Trieste Commodity Exchange | BMTS | Trieste, Italy | Agricultural | ||
| Commodity Exchange Bratislava, JSC | CEB | Bratislava, Slovakia | Emissions, Agricultural, Diamonds | ||
| Climex | CLIMEX | Amsterdam, Netherlands | Emissions | ||
| Deutsche Börse | Eurex Exchange | EUREX | Frankfurt, Germany | Agricultural, Metals, ETCs, Commodities Index | |
| European Energy Exchange | EEX | Leipzig, Germany | Power, Natural Gas, Emissions, Coal | ||
| ICE | European Climate Exchange | ECX | London, United Kingdom | Emissions | founded in 2005, acquired by ICE in 2010 and merged into ICE Futures Europe |
| London Commodity Exchange | LCE | London, United Kingdom | Agricultural | Merged into LIFFE in 1996 | |
| EXAA | Vienna, Austria | Energy, Emissions | |||
| Commodities Investment Exchange[14] | COINVEX | London, England | Oil & Gas, Mining, Renewable Energy | ||
| Integrated Nano-Science & Commodity Exchange | INSCX | United Kingdom | Nanomaterials | ||
| Nasdaq, Inc. | Nasdaq Commodities[15] | Oslo, Norway | Power, Natural Gas, Emissions, Freight, Iron Ore | ||
| Euronext | Nord Pool Spot[16] | Oslo, Norway | Power, Energy | Acquired by Euronext in 2020 | |
| Euronext | Europe | Agricultural | |||
| Hong Kong Exchanges and Clearing | London Metal Exchange | LME | London, United Kingdom | Industrial Metals, Plastics (Delisted in 2011) | |
| Power Exchange Centra Europe[17] | PXE | Prague, Czech Republic | Power | ||
| Belarusian Universal Commodity Exchange | BUCE | Minsk, Belarus | Metals, Agricultural, Timber, Industrial and consumer goods | ||
| Saint-Petersburg International Mercantile Exchange[18] | SPIMEX | Moscow, Russia | Crude oil, Petrochemicals, Natural gas, Metals, Agricultural, Timber | ||
| Moscow Energy Exchange[19] | MOSENEX | Moscow, Russia | Energy | Closed since March 2017 | |
| Iberian Energy Exchange | OMIE-OMIP | Lisbon–Madrid, Portugal–Spain | Power, Energy |
| Group | Exchange | Abbreviation | Location | Product Types | |
|---|---|---|---|---|---|
| ASX | Australian Securities Exchange | ASX | Sydney, Australia | Agricultural, Energy, Interest Rate Future | |
| ABX Global | ABX | Brisbane, Australia | Precious Metals | ||
| CBL Markets[20] | CBL | Sydney, Australia | Energy, Emissions, Environmental |