Commodity glossary O
- The price at which a dealer is willing to sell. See also ""Ask""
- On a futures exchange the daily statistic that indicates the number of open contracts, ie, those which have not been fulfilled or closed out
- A style of trading conducted on a futures exchange in a ring or a pit where dealers face each other, calling out the price, contract, month and number of contracts
- A mine based on extraction from a surface excavation, which remains open to the surface for the life of the mine.
- A market position which has not been closed out.
- An option is the right but not the obligation to buy and sell a pre-determined quantity of an underlying asset at a pre-determined price by or on a defined date.
- Rock from which metal or minerals can be extracted at a financial profit.
- L A mineral which contains a metal or metals which can be extracted at a financial profit.
- Over The Counter. Transactions that are quoted and conducted between parties on a principal-to-principal basis as opposd to being traded via a broker on an exchang
OUT OF THE MONEY
- Refers to options with only time value, i.e., no intrinsic value, e.g., calls where the strike price is greater than the underlying asset price; puts where the strike price is less than the underlying price.
- A market in which the price, under excessive buying pressure, has risen too high and too fast without genuine fundamental support to maintain the new level.
- A market which has fallen too far and too fast under excessive selling pressure and is expected to move back to a higher, more neutral level.