Commodity Exchange Inc. (COMEX)

Its precious metals volume exceeds that of all other futures exchanges put together and it attracts world-wide participation, with many traders in Europe, the Middle East and East Asia remaining in their offices until COMEX closes. This gives COMEX unique liquidity, which in turn is much of the reason for its success. Trading hours reflect this and the exchange has opened progressively earlier to suit overseas clients.

After hours futures trading is also available on the NYMEX ACCESS SM electronic trading system, beginning at 4.00 pm on Monday to Thursday and concluding at 7.00 am the following day. On Sundays the electronic session begins at 7.00 pm. All times are New York time.

In 1994, COMEX merged with the New York Mercantile Exchange (NYMEX) and is officially the COMEX division of NYMEX, but it is always referred to as COMEX .

The COMEX gold futures contract was launched on 31 December 1974.
The COMEX gold futures contract is based on 100 ounces of gold.
Prices are quoted in multiples of ten cents per ounce, or $10 per contract.
COMEX futures are listed on the current calendar month and the next two months and every February, April, June, August, October and December in a 23 month period.
The June and December contracts are listed out to 60 months to provide expanded trading opportunities for hedgers and speculators.
Last day of trading for a gold futures contract is the third last business day of the delivery month.
Delivery is made in registered depository receipts issued by exchange-approved depositories in New York.
Deliverable gold must be cast in one 100-ounce or three one kilobars by an exchange-approved refiner and assayed at no less than 995 fineness.
Turnover on the exchange is usually eight to nine million contracts annually, but in 1999 rose to 9.58 million.
Open Interest is published daily. It indicates the number of contracts which have not been fulfilled, either by making or taking delivery or by liquidation. The level of open interest is an important signpost to both liquidity and the activity in a given trading month.

.		Turnover (100 oz contracts, period total)	Open Interest (100 oz contracts, end period)
Annual contracts: .	1995	7.78 million	142,179
	1996	8.90 million	109,805
	1997	9.94 million	177,770
	1998	8.99 million	162,912
	1999	9.58 million	155,914
	2000	6.64 million	111,307
	2001	6.79 million	114,963
	2002	9.02 million	206,914
Monthly contracts:	2003/01	1.23 million	234,148
	2003/02	1.01 million	190,827
	2003/03	0.99 million	171,267
	2003/04	0.67 million	174,528
	2003/05	1.61 million	200,570
	2003/06	0.82 million	184,171
	2003/07	1.19 million	219,032

.		Turnover (contracts of 100 oz, period total)
Annual	1995	2.0 million
	1996	2.1 million
	1997	2.1 million
	1998	1.9 million
	1999	2.8 million
	2000	2.1 million
	2001	2.0 million
	2002	1.9 million
Monthly	2003/01	0.3 million
	2003/02	0.3 million
	2003/03	0.3 million
	2003/04	0.2 million
	2003/05	0.3 million
	2003/06	0.3 million
	2003/07	0.4 million