Metals, Agriculture & Commodity Markets

Physical contracts carry terms that drive value: quality specifications, optionality on delivery and quantity, quotational-period pricing against exchange or assessment indices. We represent them in the CTRM so pricing exposure and P&L reflect the contract as written.

Warehouse and warrant positions, concentrates through smelting and refining, vessels and rail in transit — we connect inventory and movements to the trading position so location, quality and financing status are visible in one place.

Quotational-period pricing leaves books exposed between purchase and sale pricing dates. We build the exposure view across pricing periods, basis and quality differentials, and the P&L explain that separates price, volume, quality and timing effects.

Prepayments, repos and borrowing-base facilities sit against physical positions. We build the view that ties financing to the inventory that secures it, and the reporting a lender or credit committee can rely on.

Provisional and final invoicing on weights and assays, pricing adjustments applied once, and shipping documentation flowing with the goods. The settlement operation follows the contract, and disputes are worked from the same records both sides hold.

Inventory reconciliations against warehouse-keeper and terminal records, breaks worked while they are small, and a month-end process that proves the physical and financial books agree. Controls are built into the daily workflow, with clear ownership for each reconciliation.