The actual physical commodity, as distinguished from a futures contract. The New York Times Financial Glossary
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A physical commodity, such as bags of coffee or bushels of wheat, as distinct to a commodity derivative, such as a future or option, which is a paper contract derived from the physical commodity.
► See also Derivatives.
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cash commodity UK US noun [U]
► COMMERCE a real commodity such as oil, metal, grain, or coffee and not a futures contract (= an agreement to buy or sell at an agreed price in the future)
Financial and business terms. 2012.