Commodity reference — indicative public benchmark snapshots for orientation. Not a Hermes price, quote, offer, or statement of availability. Hermes is a proposed service; nothing here transacts.

Hermes

Proposed concierge sourcing desk

One clear place to begin

Commodity reference for a first conversation

What do you need to source?

This reference describes selected physical commodities using dated public benchmark snapshots so a non-expert buyer can orient a first conversation; it is not a price list, quote, offer, or market data product.

Dataset hermes-commodity-reference-v1 · generated 2026-08-17 · 21 commodities · sources listed per item

Benchmarks use different bases (front-month futures, cash settlement, monthly average) and units; a reference price is a snapshot as of its stated date and ages after it; convert units only with the stated factor; nothing here is a Hermes price.

Each material below is one calm card: what it is in plain words, the questions a specialist would want to know first, then the dated reference and the practical notes. Read as much or as little as you need.

Concept page for this personality

Six calm beats

The materials, one category at a time

Which material are you thinking about?

A prototype chooser: choosing a material emphasises its card below and moves you to it. Every card stays on the page; nothing is sent anywhere.

The chooser needs scripting. The complete list below reads the same way, one category at a time.

All materials, in reading sequence

  1. Energy
    1. Brent crude oil
    2. LNG (Asia) — JKM
    3. Thermal coal (Newcastle 6,000 kcal)
  2. Base metals
    1. Copper
    2. Aluminium
    3. Nickel
    4. Tin
    5. Zinc
  3. Bulk
    1. Iron ore (62% Fe fines, CFR China)
  4. Critical minerals
    1. Lithium carbonate (battery grade)
    2. Cobalt
  5. Agri
    1. Crude palm oil (CPO)
    2. Natural rubber (TSR20)
    3. Soybeans
    4. Wheat (CBOT SRW)
    5. Corn (maize)
    6. Rice (Thai 5% broken white)
  6. Softs
    1. Raw sugar
    2. Cocoa
    3. Coffee (arabica)
    4. Cotton

Category beat

Energy

Is it a fuel your business runs on?

Brent crude oil

Energy

What it is, in plain words

Brent is the light, sweet North Sea crude blend whose ICE futures contract and Platts Dated Brent physical assessment are the world's most-used oil price references; most seaborne crude, including much of what Asia imports, is priced off Brent-linked differentials. Physical cargoes trade in tanker-lot sizes and are almost never bought by non-specialist end users; refined products (diesel, jet, fuel oil, bunker) are the more likely buyer need.

What a specialist would want to know first

  1. Do you actually need crude, or a refined product (diesel/jet/fuel oil/bunker) with a specification (e.g. sulphur, cetane)?
  2. Volume per month and delivery mode (tanker, barge, ISO-tank, truck)?
  3. Delivery basis (FOB/CIF/DES) and port, and who arranges the vessel and insurance?
  4. Pricing basis (fixed vs. benchmark-linked with premium/discount) and payment terms (LC/prepayment)?
  5. Origin restrictions and sanctions/KYC documentation available?

Reference price, dated

88.2 USD/bbl · as of 2026-08-17 · ICE Brent front-month futures, intraday quote as displayed by Trading Economics on 2026-08-17 (delayed/CFD-tracked) · Sources: Trading Economics; U.S. Energy Information Administration; World Bank

Range 86.47–96.95 USD/bbl (low–high) — EIA Europe Brent spot FOB (physical, Dated-Brent-type) daily closes 2026-07-31 to 2026-08-11 ranged 86.47-96.95; latest EIA print 93.26 on 2026-08-11. Physical spot and front-month futures differ (basis, timing); World Bank Pink Sheet monthly average for July 2026 was 83.4.

World Bank Pink Sheet monthly averages: May 2026 107.5, June 85.4, July 83.4 USD/bbl (Brent). EIA daily spot ranged 86.47-96.95 over 2026-07-31..08-11. Sources: World Bank; U.S. Energy Information Administration

ICE Brent front-month futures / Dated Brent (physical) · ICE Futures Europe; Platts (S&P Global) for Dated Brent; EIA republishes Europe Brent spot FOB · front-month futures close; physical spot FOB series reported separately

Grades and specifications

  • Brent blend (BFOET basket: Brent, Forties, Oseberg, Ekofisk, Troll, plus WTI Midland in Dated Brent) — light sweet, ~38 API, ~0.4% sulphur
  • Other crudes priced as differentials to Brent/Dubai (Platts Dubai is the Asian sour marker)

How it trades physically

  • physical cargoes FOB North Sea or CIF/DES destination, tanker (Aframax/Suezmax/VLCC)
  • term contracts priced off monthly benchmark averages
  • ICE Brent futures (financial, cash-settled) — MAS-regulated derivative if dealt for clients in Singapore

Logistics

Tanker cargoes of ~600,000 bbl (Aframax) upwards; storage at terminals/refineries; Singapore is Asia's largest oil trading and bunkering hub with extensive independent tank storage (Jurong Island, Tuas). A concierge desk would more realistically deal in refined products in barge/ISO-tank/road-tanker lots than crude.

Typical lot

Physical crude parcels are tanker-sized (hundreds of thousands of barrels); ICE Brent futures lot = 1,000 bbl (financial only). Practical minimum for a non-expert buyer is effectively 'do not buy crude'; refined product parcels can start at a few hundred tonnes by barge or ISO-tank. (practitioner note)

Singapore context

Singapore is the leading oil trading/pricing hub in Asia (Platts Asian assessments are run from Singapore; major traders and refiners based here); large bunkering and storage capacity; ICE and CME both list Brent-linked contracts accessible from Singapore.

Regulatory points

Physical spot purchase/sale is 'spot commodity trading' under Singapore's Commodity Trading Act 1992 (Enterprise Singapore); soliciting/accepting orders for spot commodities requires a spot commodity broker's licence (s.13A). Dealing in Brent futures/derivatives for clients is 'dealing in capital markets products' under the Securities and Futures Act (MAS CMS licence). Crude and products are also subject to sanctions screening (Russian-origin price cap, Iran/Venezuela restrictions).

Caveats

  • Futures front-month and physical Dated Brent are different prices; the range above mixes bases and is labelled.
  • Trading Economics quote is a delayed CFD-tracked figure, not an exchange settlement.
  • Snapshot only; oil prices moved >20% between May and August 2026 per the Pink Sheet monthly averages.
  • EIA daily Brent FOB values in the range note were read from the EIA XLS; the HTML history page truncates in automated fetches, so they were not re-verified by the citation audit.

Sources

  • Commodities — live quotes overview (Brent, LNG JKM, Coal, Copper, Aluminum, Nickel, Tin, Zinc, Iron Ore, Lithium, Cobalt) / Commodity Price Data (agricultural table) — Trading Economics — accessed 2026-08-17 — https://tradingeconomics.com/commodities
  • Europe Brent Spot Price FOB (Dollars per Barrel), daily — U.S. Energy Information Administration — accessed 2026-08-17 — https://www.eia.gov/dnav/pet/hist/RBRTED.htm
  • World Bank Commodities Price Data (The Pink Sheet), August 4, 2026 — monthly averages through July 2026 / Commodities Price Data (The Pink Sheet), August 4, 2026 - July 2026 monthly averages — World Bank — accessed 2026-08-17 — https://thedocs.worldbank.org/en/doc/74e8be41ceb20fa0da750cda2f6b9e4e-0050012026/related/CMO-Pink-Sheet-August-2026.pdf
  • Commodity Trading Act 1992 (Singapore) — spot commodity trading; s.13A licensing — Singapore Statutes Online (AGC) — accessed 2026-08-17 — https://sso.agc.gov.sg/Act/CTA1992
  • Hermes feasibility report — section 3 (Regulatory framework in Singapore: CTA spot vs SFA futures) and section 4 (Logistics & fulfilment) — Aegis (internal, docs/feasibility-report.txt) — accessed 2026-08-17 — docs/feasibility-report.txt

LNG (Asia) — JKM

Energy

What it is, in plain words

Liquefied natural gas is methane cooled to about -162 C and shipped in cryogenic tankers; the Platts JKM (Japan Korea Marker) is the benchmark for spot cargoes delivered ex-ship into Japan, Korea, China and Taiwan. LNG is bought by utilities, large industrials and traders in shipload cargoes; smaller buyers use regasified pipeline gas or ISO-container LNG.

What a specialist would want to know first

  1. Do you need LNG cargoes or regasified gas / small-scale ISO-container LNG?
  2. Receiving terminal or facility, its acceptance spec (GHV/Wobbe) and send-out capacity?
  3. Volume and cadence (single cargo vs. strip), delivery window, and DES vs FOB?
  4. Pricing basis (JKM-linked, oil-indexed, fixed) and credit/LC capacity for a cargo-sized invoice?
  5. Any destination restrictions in the seller's supply contract?

Reference price, dated

21.2 USD/MMBtu · as of 2026-08-14 · Platts JKM assessment as republished (LNG Insights: 21.20 close 2026-08-14; Trading Economics: 21.22 CFD-tracked, 2026-08-14) · Sources: LNG Insights; Trading Economics; World Bank

Range 11.8–21.22 USD/MMBtu (low–high) — World Bank Pink Sheet 'LNG Japan' (import price, cif, monthly average) was 11.80 USD/MMBtu for July 2026 — a different (contract-heavy import) basis from spot JKM; the two are shown together only to illustrate the gap between term-import averages and spot.

Trading Economics reports JKM up ~26% over the month to 2026-08-14 and ~78% year on year; LNG Insights cites a Japan/Korea delivered cargo range of 16.50-20.90 USD/MMBtu on 2026-08-12. Sources: Trading Economics; LNG Insights

Platts JKM · S&P Global Commodity Insights (Platts); JKM swaps on CME/ICE · daily spot assessment, DES Northeast Asia, front-month delivery window

Grades and specifications

  • Lean vs rich LNG by gross heating value (GHV) and Wobbe index; typical Asian import specs GHV ~1,050-1,150 Btu/scf, per buyer/terminal specification (no single exchange grade)
  • Cargo quality per GIIGNL/terminal acceptance specs

How it trades physically

  • spot cargoes DES (delivered ex-ship) — JKM basis
  • FOB cargoes from liquefaction terminals
  • long-term SPAs indexed to oil (JCC/Brent slope) or Henry Hub
  • small-scale: ISO-container LNG and truck-loaded LNG for off-grid industrial users

Logistics

Standard LNG carrier cargo ~140,000-174,000 m3 (roughly 3.0-3.7 million MMBtu); requires receiving terminal with regasification; Singapore LNG terminal (SLNG, Jurong Island) offers regas, storage, reload and truck-loading services.

Typical lot

A conventional spot cargo is ~3-3.5 million MMBtu (worth tens of millions of USD at current prices); small-scale ISO-container LNG (~20-45 m3 per container) is the only practical entry for a small buyer. (practitioner note)

Singapore context

Singapore is Asia's LNG trading hub: SLNG terminal, many LNG trading desks, Platts JKM assessed from Singapore, and Enterprise Singapore has actively promoted LNG trading; Pavilion/other aggregators supply the domestic gas market.

Regulatory points

Physical LNG cargo purchase/sale = spot commodity trading under the CTA 1992 (Enterprise Singapore); JKM swaps/futures are derivatives under the SFA (MAS). Domestic gas import/retail in Singapore requires EMA licensing; cargoes are subject to sanctions and destination-clause checks.

Caveats

  • JKM figures here are republications by secondary sites of a paywalled Platts assessment; exact Platts value not independently retrieved.
  • The Pink Sheet LNG Japan series is a cif import average dominated by term contracts, not spot; it is not comparable one-to-one with JKM.
  • Snapshot; JKM moved ~26% in one month.

Sources

Thermal coal (Newcastle 6,000 kcal)

Energy

What it is, in plain words

Thermal (steam) coal is burned for power and industrial heat; the Newcastle (Australia) 6,000 kcal/kg NAR FOB price, published as the globalCOAL NEWC index and traded as ICE Newcastle futures, is the Asia-Pacific benchmark. Physical seaborne coal moves in Panamax/Capesize bulk cargoes; smaller industrial buyers usually source from Indonesian or domestic suppliers in barge or truck lots.

What a specialist would want to know first

  1. Calorific value basis (NAR vs GAR), sulphur/ash/moisture limits for your boiler?
  2. Tonnage per shipment and per year, and can your port take Panamax vessels?
  3. FOB vs CFR, and who charters/insures?
  4. Index-linked (NEWC/ICI/HBA) or fixed price, and payment/LC terms?
  5. Financing and insurance availability given coal ESG restrictions?

Reference price, dated

129.25 USD/t · as of 2026-08-14 · ICE Newcastle coal front-month (Aug-26) futures close as displayed by Investing.com (delayed) and Trading Economics on 2026-08-14 · Sources: Investing.com; Trading Economics; World Bank

Range 100.7–152.25 USD/t (low–high) — 52-week range per Investing.com; World Bank Pink Sheet monthly average for July 2026 was 131.9 USD/t (Coal, Australia, FOB Newcastle 6000 kcal futures price).

52-week range 100.70-152.25 USD/t (Investing.com, 2026-08-14); Pink Sheet monthly averages May 136.9, June 138.5, July 131.9. Sources: Investing.com; World Bank

ICE Newcastle Coal futures / globalCOAL NEWC index · ICE Futures Europe (cash-settled against globalCOAL monthly NEWC index) · front-month futures close

Grades and specifications

  • Newcastle benchmark: 6,000 kcal/kg NAR (net as received), max ~1% sulphur, ~14% ash (globalCOAL NEWC spec)
  • Indonesian sub-bituminous 4,200-5,500 kcal/kg GAR (HBA/ICI indices)
  • South African RB1 6,000 kcal NAR (Richards Bay)

How it trades physically

  • FOB load port (Newcastle, Richards Bay, Kalimantan anchorages) in Panamax (~70-80kt) or Capesize (~150kt+) bulk vessels
  • CFR/CIF discharge port for smaller buyers via traders
  • geared/barge and small handysize lots from Indonesia

Logistics

Dry bulk shipping; stockpiles at port; moisture and calorific value verified by SGS/Intertek at load and discharge; Indonesia is the nearest large exporter to Singapore.

Typical lot

ICE Newcastle futures lot = 1,000 t (financial). Physical seaborne parcels are typically 50,000-75,000 t (Panamax) or more; small buyers may find 5,000-10,000 t barge/handysize lots from Indonesian suppliers via traders. (practitioner note)

Singapore context

Singapore hosts globalCOAL's Asian presence, many coal traders (Indonesian and Australian supply desks) and ship-brokers; no coal terminal — trades are booked here for delivery elsewhere.

Regulatory points

Physical coal purchase/sale = spot commodity trading (CTA 1992, Enterprise Singapore); ICE Newcastle futures = derivatives (SFA/MAS). Indonesia's DMO (domestic market obligation), HBA reference-price rules and export permits, and Australian export licensing affect physical availability; some banks/insurers restrict thermal-coal financing under ESG policies.

Caveats

  • Investing.com and Trading Economics both display exchange-derived delayed data; the ICE product page itself showed no populated prices at access time.
  • Newcastle 6,000 kcal is a high-grade reference; most Indonesian coal trades at large discounts on lower CV.
  • Snapshot only.

Sources

Category beat

Base metals

Is it a metal that goes into what you make?

Copper

Base metals

What it is, in plain words

Refined copper (cathode) is the reference product for the world's most important industrial metal, used in wiring, power equipment and electronics; the LME cash and 3-month prices are the global benchmark, with SHFE and COMEX as regional references. Physical buyers pay LME plus a regional premium and typically buy cathode, wire rod or scrap.

What a specialist would want to know first

  1. Cathode, wire rod, or scrap — and which registered brands/specs are acceptable to your end user?
  2. Tonnage per month and containerised vs break-bulk?
  3. Delivery basis (FOB/CIF port, ex-warehouse Singapore) and timing?
  4. Pricing formula (LME cash/3M average over QP + premium) and hedging expectations?
  5. Financing/LC and assay/inspection arrangements?

Reference price, dated

14,545 USD/t · as of 2026-08-14 · LME official cash settlement 2026-08-14 as republished by Westmetall (3-month official 14,134.00) · Sources: Westmetall (republishing LME); Trading Economics; World Bank

Range 14,134–14,705 USD/t (low–high) — LME 3-month official 14,134 vs cash 14,545 on 2026-08-14 (Westmetall) — a marked backwardation; Trading Economics COMEX-type quote 6.6703 USD/lb on 2026-08-17 = ~14,705 USD/t (x 2,204.62 lb/t). Pink Sheet monthly average July 2026: 13,543.

Pink Sheet monthly averages: May 13,543; June 13,552; July 13,543 USD/t; Q1 2026 12,831 — 2026 prices are at record levels versus 2023-2025 annual averages of 8,490-9,947. Source: World Bank

LME Copper · London Metal Exchange · official cash settlement (also 3-month)

Grades and specifications

  • LME Grade A cathode (BS EN 1978:1998 Cu-CATH-1, min 99.9935% Cu) — LME-registered brands
  • Copper wire rod (8 mm, ASTM B49) — the common downstream form
  • Copper scrap grades (ISRI: Berry, Birch/Cliff, Candy)

How it trades physically

  • cathode bundles (~2-2.5 t) in 20-ft containers or break-bulk, FOB/CIF/CFR; priced LME + physical premium
  • wire rod coils, containerised
  • LME warrants in LME-approved warehouses (Singapore, Malaysia, Korea, etc.)

Logistics

Containerised or break-bulk; LME-approved warehouse network includes Singapore; premiums (e.g. Yangshan/Shanghai, Singapore) reflect regional tightness; assays and brand registration matter for financing.

Typical lot

LME lot = 25 t (Copper contract specification). A 20-ft container carries ~20-25 t of cathode, so one container is the practical minimum physical lot; producers/traders often quote minimum 100-500 t. (practitioner note)

Singapore context

Singapore has LME-approved warehouses (LME good-delivery location), major metals traders and financiers, and JTC/FTZ storage; Asian premiums are quoted for Singapore/Southeast Asia delivery.

Regulatory points

Physical cathode purchase = spot commodity trading (CTA 1992, Enterprise Singapore); LME/SHFE futures dealing for clients = SFA/MAS. Copper concentrate export bans/quotas (e.g. DRC concentrate export ban reported 2026, Indonesian concentrate export policy) affect upstream but not usually cathode buyers; scrap trade is subject to Basel/importer rules.

Caveats

  • Westmetall republishes LME official prices; the LME site itself returned HTTP 403/timeout at access time.
  • Cash/3M backwardation on 2026-08-14 was unusually large (~USD 411/t) — cash-basis prices overstate what a forward buyer pays.
  • Physical premiums (not included) can add USD 50-200/t.

Sources

Aluminium

Base metals

What it is, in plain words

Primary aluminium is traded as standard ingots, T-bars and sows of min 99.7% purity; the LME price is the global benchmark and physical buyers pay LME plus a regional premium (e.g. Main Japanese Port, MJP). Downstream users more often buy billet, slab, sheet or extrusions from mills.

What a specialist would want to know first

  1. Which form and alloy (P1020 ingot, billet 6063, ADC12, sheet)?
  2. Monthly tonnage and container vs bulk?
  3. Delivery basis, port and timing?
  4. LME-linked formula and premium basis (MJP/SEA) vs fixed price?
  5. Origin restrictions (Russian metal) and certificates of origin/analysis required?

Reference price, dated

3,248 USD/t · as of 2026-08-14 · LME official cash settlement 2026-08-14 (Westmetall); 3-month official 3,246.00 · Sources: Westmetall (republishing LME); Trading Economics; World Bank

Range 3,161–3,256.55 USD/t (low–high) — Pink Sheet July 2026 monthly average 3,161; Trading Economics 3,256.55 on 2026-08-17 (CFD-tracked).

Pink Sheet monthly averages: May 3,666; June 3,439; July 3,161 USD/t. Source: World Bank

LME Aluminium · London Metal Exchange · official cash settlement

Grades and specifications

  • LME primary aluminium: min 99.7% Al (P1020A per EN 576 / LME spec) ingots, T-bars, sows
  • Billet (6xxx alloys), foundry alloys (A356/ADC12), rolling slab — mill/foundry products priced LME + premium

How it trades physically

  • ingot bundles (~1 t) in 20-ft containers (~20-24 t) or break-bulk, FOB/CIF; LME + MJP/Singapore premium
  • billet/slab from smelters on term contracts
  • LME warrants in Asian warehouses (Port Klang, Johor, Singapore, Korea)

Logistics

Dense, easily containerised; large stocks in Malaysian and Singaporean LME warehouses; sanctions/origin (Russian metal) status affects acceptability and financing.

Typical lot

LME lot = 25 t (Aluminium contract specification); one 20-ft container (~20-24 t) is the practical minimum physical purchase. (practitioner note)

Singapore context

Singapore is an LME good-delivery location; the Southeast Asian premium and nearby Port Klang/Johor warehouses make it a common ex-warehouse purchase point; regional smelters (Malaysia, Indonesia, India, Middle East) supply Asia.

Regulatory points

Physical ingot = spot commodity trading (CTA 1992); LME/SHFE futures = SFA/MAS. US/EU/UK sanctions on Russian-origin aluminium and US Section 232 tariffs affect origin choice; Indonesian bauxite export ban affects upstream.

Caveats

  • Prices exclude physical premiums and product conversion charges.
  • Westmetall is a republisher of LME officials.
  • Snapshot only.

Sources

Nickel

Base metals

What it is, in plain words

Nickel is used mainly in stainless steel and increasingly in EV batteries; the LME Class 1 (min 99.8% Ni) contract is the benchmark, though most Indonesian output is Class 2 (NPI, ferronickel, MHP) which trades at discounts or payables. Indonesia dominates supply and Singapore is a common booking centre for Indonesian material.

What a specialist would want to know first

  1. Which product: Class 1 cathode/briquette, ferronickel/NPI, MHP or nickel sulphate?
  2. Tonnage and packaging (drums, big bags, bulk)?
  3. Delivery basis and destination (China CIF vs ex-warehouse Asia)?
  4. LME-linked formula with premium/payable vs fixed?
  5. Assay/inspection and brand acceptability to the end user?

Reference price, dated

16,575 USD/t · as of 2026-08-14 · LME official cash settlement 2026-08-14 (Westmetall); 3-month official 16,785.00 · Sources: Westmetall (republishing LME); Trading Economics; World Bank

Range 16,575–16,823 USD/t (low–high) — Trading Economics 16,823 on 2026-08-17 (CFD-tracked); Pink Sheet July 2026 monthly average 16,651.

Pink Sheet monthly averages: May 18,806; June 17,588; July 16,651 USD/t. Source: World Bank

LME Nickel · London Metal Exchange · official cash settlement

Grades and specifications

  • LME Class 1: min 99.80% Ni cathode (full plate/cut), briquettes, pellets, rounds — LME-registered brands
  • Class 2: NPI (10-15% Ni), ferronickel (20-40% Ni), nickel matte, MHP (mixed hydroxide precipitate) — priced as % payable of LME
  • Nickel sulphate (battery grade) — SMM/Fastmarkets assessments

How it trades physically

  • Class 1 in drums/bags/bundles, containerised, FOB/CIF; LME + premium
  • NPI/ferronickel in bulk or containers, CIF China
  • LME warrants (Asian warehouses)

Logistics

Containerised for Class 1; bulk for NPI/FeNi; brand and form matter (briquettes vs cathode); Indonesian material dominates regional flows.

Typical lot

LME lot = 6 t (Nickel contract specification); practical minimum physical purchase is a few tonnes (drums/bags) up to one container (~20 t). (practitioner note)

Singapore context

Singapore is an LME good-delivery location for nickel and hosts trading desks for Indonesian NPI/MHP producers and Chinese consumers; SGX has no nickel contract of note.

Regulatory points

Physical = spot commodity trading (CTA 1992); LME/SHFE futures = SFA/MAS. Indonesia's ore export ban (since 2020) and RKAB mining quotas shape supply; LME nickel had a 2022 market suspension and reformed rules — Class 1 vs Class 2 basis risk is large.

Caveats

  • Class 2 products do not trade at LME price; payables of 60-80% are common.
  • Westmetall republishes LME officials.
  • Snapshot only.

Sources

Tin

Base metals

What it is, in plain words

Refined tin (min 99.85% Sn) is used chiefly in electronics solder and tinplate; the LME contract is the benchmark and Southeast Asia (Indonesia, Malaysia, Myanmar ore) is the core of world supply. It is a small, illiquid, volatile market — 2026 prices are far above historical averages.

What a specialist would want to know first

  1. Purity/brand required (99.85% vs 99.9%/low-lead) and end use (solder, chemicals)?
  2. Tonnage per month (tin buyers are usually small)?
  3. Delivery basis (FOB Jakarta/Port Klang, ex-warehouse) and timing?
  4. LME-linked formula and premium?
  5. Conflict-minerals/traceability documentation needed by your customers?

Reference price, dated

56,075 USD/t · as of 2026-08-14 · LME official cash settlement 2026-08-14 (Westmetall); 3-month official 56,200.00 · Sources: Westmetall (republishing LME); Trading Economics; World Bank

Range 52,971–56,200 USD/t (low–high) — Pink Sheet July 2026 monthly average 52,971; Trading Economics 55,854 as of 2026-08-13; LME 3M official 56,200 (2026-08-14).

Pink Sheet monthly averages: May 53,563; June 53,037; July 52,971 USD/t versus 2023-2025 annual averages of 25,938-34,059. Source: World Bank

LME Tin · London Metal Exchange · official cash settlement

Grades and specifications

  • LME refined tin: min 99.85% Sn (BS EN 610 / ASTM B339 Grade A) ingots ~25 kg, LME-registered brands (e.g. PT Timah, MSC)
  • Solder alloys and tin chemicals downstream

How it trades physically

  • ingot bundles (~1 t) in 20-ft containers, FOB Indonesia/Malaysia or CIF; LME + premium
  • LME warrants (Port Klang, Johor, Singapore warehouses)

Logistics

High value/low volume; containerised; Indonesian exports must be traded via ICDX/JFX before export; Malaysia Smelting Corp (MSC) is a regional smelter; Singapore and Malaysia hold LME stocks.

Typical lot

LME lot = 5 t (Tin contract specification); physical minimum a few tonnes (bundles) up to one container (~20 t). (practitioner note)

Singapore context

Singapore is an LME good-delivery location for tin and the trading hub for Indonesian/Malaysian refined tin; ICDX (Indonesia) tin contracts are the mandatory export gateway for Indonesian tin.

Regulatory points

Physical = spot commodity trading (CTA 1992); LME futures = SFA/MAS. Indonesian tin exports require RKAB quotas and ICDX/JFX exchange trades; conflict-minerals (3TG) due diligence (US Dodd-Frank s.1502, EU 2017/821) applies to tin supply chains, especially Myanmar ore.

Caveats

  • Small market — LME tin cash-3M spreads and premiums move sharply.
  • Westmetall republishes LME officials.
  • Snapshot only.

Sources

Zinc

Base metals

What it is, in plain words

Zinc is used mainly for galvanising steel and in die-casting alloys; the LME Special High Grade (min 99.995% Zn) contract is the benchmark. Physical buyers pay LME plus a premium; regional supply comes from Korean, Chinese, Indian and Australian smelters.

What a specialist would want to know first

  1. SHG ingot vs jumbo vs alloy, and end use (galvanising, die-cast)?
  2. Tonnage per month?
  3. Delivery basis and timing?
  4. LME-linked formula and premium?
  5. Certificates of analysis and brand acceptability?

Reference price, dated

3,875 USD/t · as of 2026-08-14 · LME official cash settlement 2026-08-14 (Westmetall); 3-month official 3,763.50 · Sources: Westmetall (republishing LME); Trading Economics; World Bank

Range 3,599–3,875 USD/t (low–high) — Pink Sheet July 2026 monthly average 3,599; Trading Economics 3,752 on 2026-08-17 (CFD-tracked); LME 3M official 3,763.50 — cash is in backwardation.

Pink Sheet monthly averages: May 3,482; June 3,539; July 3,599 USD/t. Source: World Bank

LME Zinc · London Metal Exchange · official cash settlement

Grades and specifications

  • LME Special High Grade zinc: min 99.995% Zn (BS EN 1179 Z1 / ASTM B6 SHG) ingots ~25 kg or jumbos ~1-2 t
  • Zinc alloys (Zamak) and zinc oxide downstream

How it trades physically

  • ingot bundles/jumbos in 20-ft containers or break-bulk, FOB/CIF; LME + premium
  • LME warrants (Asian warehouses incl. Singapore, Malaysia)

Logistics

Dense, containerised; smelter term contracts common; LME Asian warehouse stocks available ex-warehouse.

Typical lot

LME lot = 25 t (Zinc contract specification); one 20-ft container (~20-25 t) is the practical minimum. (practitioner note)

Singapore context

Singapore is an LME good-delivery location for zinc; regional galvanisers and die-casters buy ex-warehouse or CIF from Korean/Chinese/Indian smelters.

Regulatory points

Physical = spot commodity trading (CTA 1992); LME/SHFE futures = SFA/MAS. No notable export controls on refined zinc; concentrate trade is subject to treatment-charge benchmarks.

Caveats

  • Cash/3M backwardation on 2026-08-14 (~USD 111/t).
  • Westmetall republishes LME officials.
  • Snapshot only.

Sources

Category beat

Bulk

Is it a raw bulk material moved by the shipload?

Iron ore (62% Fe fines, CFR China)

Bulk

What it is, in plain words

Iron ore fines are the main feedstock for blast-furnace steelmaking; the 62% Fe CFR China index (Platts IODEX / TSI, traded as SGX and CME swaps/futures) is the seaborne benchmark. Buyers are steel mills and traders taking Capesize/Panamax cargoes from Australia and Brazil; there is no realistic small-lot physical market for a non-industrial buyer.

What a specialist would want to know first

  1. Do you operate or supply a steel mill? If not, why iron ore?
  2. Grade (62% fines, lump, pellet) and impurity limits, and dmt vs wmt basis?
  3. Cargo size, discharge port and CFR vs FOB?
  4. Index-linked (Platts/TSI monthly average) vs fixed price and payment terms?
  5. Inspection/quality-claim mechanism at discharge?

Reference price, dated

95.17 USD/dmt · as of 2026-08-14 · front-month 62% Fe CFR China futures (CME TIOc1) close 2026-08-14 as displayed by Investing.com (delayed) and Trading Economics · Sources: Investing.com; Trading Economics; World Bank

Range 93.66–111.42 USD/dmt (low–high) — 52-week range per Investing.com (2026-08-14); Pink Sheet monthly average July 2026 98.2 USD/dmt (spot 62% Fe cfr China).

52-week range 93.66-111.42 USD/dmt; Pink Sheet monthly averages May 108.6, June 100.8, July 98.2. Sources: Investing.com; World Bank

Iron ore 62% Fe fines CFR China (Platts IODEX / TSI) · S&P Global Platts assessment; SGX TSI and CME futures settle to it · spot index (USD per dry metric tonne) / front-month swap

Grades and specifications

  • 62% Fe fines (Platts IODEX / TSI 62 spec: ~62% Fe, alumina/silica/phosphorus limits) — benchmark
  • 58% Fe fines (discount), 65% Fe Brazilian fines (premium), lump (premium), pellets/pellet feed
  • Quality-adjusted differentials per Platts iron ore specifications guide

How it trades physically

  • CFR China (Qingdao/Rizhao) Capesize (~170kt) or Panamax cargoes on spot tenders/index-linked term contracts
  • FOB Australia/Brazil for large buyers
  • port-stock (yuan/wet tonne) sales at Chinese ports

Logistics

Dry bulk Capesize shipping; moisture-adjusted (dmt vs wmt) pricing; SGS/CIQ inspection at discharge; port stocks in China allow smaller yuan-priced lots.

Typical lot

SGX/CME futures lots are 100 t / 500 dmt (financial); physical seaborne cargoes are 50,000-200,000 t; the only sub-cargo option is Chinese port-stock purchase in truck/barge lots priced in CNY/wmt. (practitioner note)

Singapore context

SGX is the world's main venue for iron ore derivatives (TSI 62% Fe futures/swaps), and iron ore trading/hedging desks are concentrated in Singapore; physical cargoes never touch Singapore.

Regulatory points

Physical cargo purchase = spot commodity trading (CTA 1992); SGX iron ore futures/swaps dealt for clients = SFA/MAS. Chinese import quality standards and CIQ inspection apply at discharge; India has episodically imposed export duties on low-grade ore.

Caveats

  • Investing.com and Trading Economics likely display the same exchange-derived feed (both 95.17 on 2026-08-14) — treated as one source plus the Pink Sheet monthly average.
  • The HKEX TSI iron ore futures daily report for 2026-08-14 showed a 101.44 settlement on zero volume — not used as a reference.
  • Snapshot only.

Sources

Category beat

Critical minerals

Is it a battery or specialty mineral?

Lithium carbonate (battery grade)

Critical minerals

What it is, in plain words

Lithium carbonate (Li2CO3, min 99.5% battery grade) is the main lithium chemical for LFP cathodes; there is no dominant exchange benchmark and the market prices off Chinese spot assessments (SMM, Fastmarkets, Asian Metal, SunSirs) in CNY/t, with GFEX Guangzhou futures and CME cash-settled contracts referencing them. It is a chemical sold in bags by producers/traders, mostly to cathode makers.

What a specialist would want to know first

  1. Carbonate or hydroxide, and battery vs technical grade with the exact impurity spec your cathode maker requires?
  2. Tonnage and container/pallet quantity?
  3. Delivery basis (ex-works China, CIF port, DDP) and currency (CNY vs USD/kg)?
  4. Index-linked (SMM/Fastmarkets average) or fixed, and payment terms?
  5. Qualification/sample approval process with the end user?

Reference price, dated

151,000 CNY/t · as of 2026-08-14 · SunSirs China spot price, battery grade Li2CO3 99.5% min, 2026-08-14 (151,000 CNY/t; unchanged 08-15..08-17); Trading Economics 153,000 CNY/t on 2026-08-17 (spot, battery grade, China) · Sources: SunSirs (China Commodity Data Group); Trading Economics

Range 144,000–153,000 CNY/t (low–high) — SunSirs daily spot 144,000 (2026-08-11) to 151,000 (08-14..17); Trading Economics 153,000 (08-17); SMM reported the GFEX 2609 futures contract closing 139,600 CNY/t on 2026-08-07 (futures, not spot).

Trading Economics: year-to-date +85% as of 2026-08-17 after a dip toward 140,000 CNY/t in early August; historical range 39,000-575,000 CNY/t (2022 peak). Source: Trading Economics

China spot, battery-grade lithium carbonate 99.5% min · PRA/data assessments (SMM, Fastmarkets, SunSirs); GFEX futures; CME (Fastmarkets CIF CJK) · spot ex-works China, CNY/t

Grades and specifications

  • Battery grade Li2CO3 min 99.5% (Chinese standard GB/T 11075-2013 / YS/T 582), low Na/K/Ca/Mg/Fe/magnetic impurity limits
  • Industrial/technical grade 99.0-99.2% (discount)
  • Lithium hydroxide monohydrate (LiOH.H2O 56.5% min) for high-nickel cathodes — separate price

How it trades physically

  • 25 kg bags on pallets / big bags, in 20-ft containers; ex-works or DDP China; CIF China/Japan/Korea for imported (Chilean/Argentine) material in USD/kg
  • GFEX and CME futures (financial)

Logistics

Non-hazardous white powder, moisture-sensitive; containerised; main exporters Chile (SQM/Albemarle) and Argentina; China is the main converter and consumer.

Typical lot

One 20-ft container is ~20-24 t (roughly USD 400-500k at current prices); traders may sell 1-5 t lots to small buyers at a premium. (practitioner note)

Singapore context

Singapore has no lithium chemical production or benchmark; some producers and battery-materials traders keep regional offices here; Enterprise Singapore has flagged battery materials as a growth trade segment. Relevance is as a booking/financing centre, not a physical hub.

Regulatory points

Physical purchase = spot commodity trading (CTA 1992); GFEX/CME lithium futures = SFA/MAS if dealt for clients. Chinese export-control listings (lithium battery/cathode technology, 2025) and Chile's state lithium strategy affect supply chains; battery-grade material moves as ordinary chemical cargo (UN non-dangerous) but requires SDS/CoA.

Caveats

  • No exchange settlement; assessments differ by PRA and by whether they are ex-works, DDP or CIF.
  • SMM/Fastmarkets values are paywalled — SunSirs and Trading Economics are secondary/aggregator sources.
  • Extremely volatile (YTD +85%); snapshot only.

Sources

Cobalt

Critical minerals

What it is, in plain words

Cobalt metal (min 99.8% Co) is used in superalloys, tool steels and, mainly via cobalt hydroxide/sulphate, in NMC batteries; the LME cobalt contract (settled to Fastmarkets standard-grade assessments) is the reference. Supply is dominated by the DRC, whose 2026-27 export quotas have driven prices to multi-year highs.

What a specialist would want to know first

  1. Metal, hydroxide or sulphate — and purity/spec?
  2. Tonnage (cobalt buyers are usually small) and packaging?
  3. Delivery basis, port and timing?
  4. Fastmarkets/LME-linked formula vs fixed; payable % for hydroxide?
  5. Origin/traceability and responsible-sourcing documentation required?

Reference price, dated

56,290 USD/t · as of 2026-08-14 · Trading Economics cobalt metal quote (CFD/OTC-tracked benchmark), flat at 56,290 USD/t on 2026-08-13/14 · single public source · Source: Trading Economics

Range 48,500–58,000 USD/t (low–high) — Fastmarkets hydroxide 22.00-23.00 USD/lb (2026-08-11) = ~48,500-50,700 USD/t contained Co (x 2,204.62), a payable-based feedstock price below metal; IEA: metal approached 58,000 USD/t in Q1 2026.

Trading Economics: cobalt up ~69% year on year at 2026-08-14; all-time high 95,250 USD/t (March 2018). DRC annual export quota 87,000 t Co contained for 2026 and 2027 (7,250 t/month), with unshipped Q2 2026 allocations scrapped in June 2026 (Fastmarkets, 2026-08-12). Sources: Trading Economics; Fastmarkets

LME Cobalt (Fastmarkets standard grade) · London Metal Exchange / Fastmarkets · spot metal price, USD/t

Grades and specifications

  • Cobalt metal min 99.8% Co (LME/Fastmarkets standard grade; alloy grade higher purity) — cathodes, briquettes, rounds
  • Cobalt hydroxide (~30% Co) — DRC feedstock priced as % payable / USD/lb Co
  • Cobalt sulphate (20.5% Co) battery grade — China spot

How it trades physically

  • metal in drums (~250 kg) / cut cathode in containers, CIF/DDP; LME/Fastmarkets-linked
  • hydroxide in bulk bags CIF China
  • LME cobalt futures (1 t lot, physically settled)

Logistics

High value, small volumes; metal containerised; hydroxide from DRC via Durban/Dar es Salaam to China; export quota paperwork (ARECOMS) required for DRC material.

Typical lot

LME lot = 1 t; physical metal typically sold in 1-5 t drum lots up to container (~20 t). (practitioner note)

Singapore context

Singapore is an LME delivery location and hosts several battery-materials and cobalt trading desks (e.g. traders serving Chinese refiners), but no processing; relevance is trading/financing.

Regulatory points

Physical = spot commodity trading (CTA 1992); LME cobalt futures = SFA/MAS. DRC export quotas (2026-27) and ARECOMS controls govern hydroxide supply; conflict-minerals/OECD due-diligence and child-labour scrutiny apply to DRC artisanal material; some jurisdictions treat cobalt compounds as hazardous (labelling/SDS).

Caveats

  • Single free source for the metal price; treat as approximate until checked against LME/Fastmarkets.
  • Metal, hydroxide and sulphate prices differ materially; the range mixes bases and is labelled.
  • Policy-driven market (DRC quotas); snapshot only.

Sources

Category beat

Agri

Is it a grain, oil, or crop for food or feed?

Crude palm oil (CPO)

Agri

What it is, in plain words

Crude palm oil is the world's most-traded vegetable oil, pressed from oil-palm fruit mainly in Indonesia and Malaysia and used in food, oleochemicals and biodiesel. Physical trade is priced off Bursa Malaysia's ringgit-denominated FCPO futures, with Indonesian and Malaysian export policies shaping the FOB price.

What a specialist would want to know first

  1. Crude or refined (RBD olein/stearin) - and which specification sheet (FFA, IV, moisture)?
  2. Do you require MSPO/ISPO/RSPO certification, and which supply-chain model?
  3. Volume: flexitank/ISO-tank lots or a bulk tanker parcel, and delivery port?
  4. Which price basis: Bursa FCPO month, Indonesian reference price, or a physical FOB quote - and in MYR or USD?
  5. Import permits, halal or food-grade certificates needed at destination?

Reference price, dated

4,711 MYR/t · as of 2026-08-14 · FCPO Oct-2026 benchmark contract close (Trading Economics shows 4,710 same day) · Sources: Palm Oil Magazine; Trading Economics

Range 1,101–4,711 MYR/t (low–high) — Not a like-for-like range: 4,711 is MYR/t futures close 2026-08-14; World Bank July-2026 monthly average for Malaysian CPO (DAP basis) is USD 1,101/t [src-wb-pinksheet-aug26]. Bases and currencies differ; do not average.

Trading Economics notes futures 'surged over 2% to around MYR 4,820 per tonne, marking their highest level since early April' in the days before 2026-08-14; World Bank monthly averages ran USD 1,051-1,136/t across Jan-Jul 2026. Sources: Trading Economics; World Bank

Bursa Malaysia Derivatives Crude Palm Oil Futures (FCPO), 3rd-month (Oct-2026) · Bursa Malaysia Derivatives · daily settlement, MYR/t, physically delivered contract

Grades and specifications

  • Crude palm oil (CPO), FCPO deliverable grade with FFA, moisture and impurity limits set by the Bursa contract; physical delivery must be MSPO-certified [src-kgi-fcpo-spec]
  • RBD palm olein / RBD palm oil / palm stearin (refined fractions, PORAM specifications) - practitioner note
  • Sustainability certification often specified: MSPO, ISPO, RSPO (segregated / mass balance)

How it trades physically

  • Bulk liquid cargo in parcel tankers, FOB Malaysian/Indonesian port or CIF/CFR destination
  • Flexitank or ISO-tank in 20 ft containers for smaller refined-fraction lots (practitioner note)
  • Drums/IBCs for specialty fractions (practitioner note)

Logistics

Bulk vegetable-oil parcel tanker (thousands of tonnes per parcel); smaller buyers use flexitanks (~20-24 t) or ISO tanks. Refined product ships more readily than crude in containers. Practitioner note - not cited.

Typical lot

FCPO contract unit is 25 t [src-kgi-fcpo-spec]. Containerised refined palm products commonly move in ~20-24 t flexitank lots; bulk parcels start in the low thousands of tonnes. (practitioner note)

Singapore context

Singapore hosts regional trading desks of the major palm-oil groups and refiners, and Singapore-based brokers offer FCPO access; CME lists a USD CPO contract cash-settled against Bursa's FCPO [src-cme-bursa]. Physical origin is Malaysia/Indonesia, not Singapore. (Hub-role statement is inference from the feasibility report's identification of palm oil as a historical Singapore trading strength; no single public source cited.)

Regulatory points

Indonesia sets a monthly CPO reference price (USD 996.52/t for August 2026) that drives an export tax (USD 148/t) plus a 12.5% export levy (USD 124.56/t) [src-pom-idn-levy-aug26]; Malaysia applies its own CPO export duty schedule (not verified here). In Singapore, buying/selling physical CPO for delivery is 'spot commodity trading' under the Commodity Trading Act (Enterprise Singapore); FCPO/CME futures fall under MAS's Securities and Futures Act [src-esg-cta-faq].

Caveats

  • Reference price is a futures settlement in MYR, not a physical FOB or CIF price; physical premiums/discounts, freight and export levies apply.
  • Bursa's own site could not be fetched (HTTP 403); contract specs are from a broker's summary of the Bursa spec.
  • Indonesian levy figures are from trade press citing ministry decrees; verify with the current decree before relying on them.

Sources

Natural rubber (TSR20)

Agri

What it is, in plain words

Technically Specified Rubber grade 20 is the block-rubber grade used mainly for tyres, produced in Thailand, Indonesia, Malaysia, Vietnam and Cote d'Ivoire. Its global price benchmark is the SGX SICOM TSR20 futures contract, quoted in US cents/kg FOB - a benchmark that is Singapore's own.

What a specialist would want to know first

  1. TSR20 or a sheet/latex grade, and which national standard (SIR/SMR/STR) and factory certification?
  2. One-container lots (~20 t) or multi-container programmes, and how often?
  3. FOB which origin port, or CIF your plant - and who inspects (SGS/Intertek) at load?
  4. Price basis: SICOM settlement month plus/minus a physical differential, fixed at what date?
  5. EU Deforestation Regulation or other traceability documents required?

Reference price, dated

219.8 US¢/kg · as of 2026-08-14 · SICOM TSR20 Sep-2026 settlement (RTAS republishing SGX; Investing.com front-month 219.80 same day) · Sources: Rubber Trade Association of Singapore; Investing.com

Range 214–221.3 US¢/kg (low–high) — World Bank July-2026 monthly average for SICOM TSR20 nearby was USD 2.14/kg (=214 US cents/kg) [src-wb-pinksheet-aug26]; Trading Economics 'Rubber' showed 221.30 US cents/kg on 2026-08-14 [src-te-commodities]. RSS3 (sheet rubber) trades well above TSR20: 273.8 US cents/kg on the same SICOM date [src-rtas-prices].

World Bank monthly TSR20 averages rose from USD 1.91/kg (Q1 2026) to 2.25 (June) before easing to 2.14 in July 2026. Source: World Bank

SGX SICOM TSR20 Rubber Futures (Sep-2026) · Singapore Exchange (SGX) · daily settlement, US cents/kg, FOB physically deliverable

Grades and specifications

  • TSR20 - SIR 20 (Standard Indonesian Rubber), SMR 20 (Standard Malaysian Rubber), STR 20 (Standard Thai Rubber), all deliverable against SICOM TSR20 [src-sgx-sicom-spec]
  • RSS3 (Ribbed Smoked Sheet No.3, Green Book grading) - separate SICOM contract
  • SMR CV / SMR L / latex concentrate for non-tyre uses (MRB reference prices) [src-rtas-prices]

How it trades physically

  • 35 kg shrink-wrapped bales, 36 bales per ~1.26 t pallet/unit, containerised; FOB origin port (Port Klang, Penang, Bangkok/Laem Chabang, Belawan/Palembang) or CIF destination [src-sgx-sicom-spec]

Logistics

Containerised (20 ft box carries roughly one SICOM delivery lot of 20.16 t); certificate of origin and a laboratory test certificate accompany each lot [src-sgx-sicom-spec].

Typical lot

SICOM trading lot is 5 t; a delivery lot is 16 units x 36 bales x 35 kg = 20.16 t, produced in one factory - effectively one 20 ft container.

Singapore context

SGX SICOM (formerly the Singapore Commodity Exchange) is the reference price for physical TSR20 and RSS3 worldwide; the Rubber Trade Association of Singapore publishes daily settlements [src-rtas-prices]. Delivery under the SICOM contract is FOB the Port of Singapore or other prescribed origin ports [src-sgx-sicom-spec], so Singapore is both price-discovery venue and a documentary/financing hub, while most physical rubber ships direct from producer ports.

Regulatory points

Physical rubber purchase for delivery is spot commodity trading under Singapore's Commodity Trading Act (Enterprise Singapore); SICOM futures are MAS-regulated derivatives [src-esg-cta-faq]. Rubber is expressly among the CTA's example commodities per the feasibility report. Producer-country export controls (e.g. Thai/Indonesian/Malaysian schemes) not verified here.

Caveats

  • Settlement prices are FOB futures, not a delivered price; physical differentials and freight apply.
  • Investing.com labels the unit USD/t, which is wrong; SICOM quotes US cents/kg.
  • SICOM specification cited from a 2017 CFTC filing; SGX may have amended lot/delivery details since.

Sources

Soybeans

Agri

What it is, in plain words

Soybeans are the world's largest oilseed crop, crushed into meal (animal feed) and oil, with the US, Brazil and Argentina as exporters and China the dominant importer. Physical trade is priced as CBOT futures plus an origin/destination basis.

What a specialist would want to know first

  1. Feed/crush grade or food-grade (non-GMO/IP), and which grade standard?
  2. Origin preference (US/Brazil/Argentina) and GMO import approvals at destination?
  3. Bulk vessel or containers, and how many tonnes per month?
  4. Price basis: CBOT month plus basis, or a flat CFR quote?
  5. Phytosanitary and fumigation requirements at destination?

Reference price, dated

1,192.5 US¢/bu · as of 2026-08-14 · front-month close 2026-08-14 (Investing.com); Trading Economics 1,180.95 on 2026-08-17 intraday · Sources: Investing.com; Trading Economics

Range 1,147.5–1,192.5 US¢/bu (low–high) — USDA AMS-reported CBOT Aug-2026 settlement was 1,147.50 on 2026-08-11 [src-indexbox-ams-0812]; front-month close 1,192.50 on 2026-08-14 [src-inv-soy]. World Bank July-2026 monthly average US Gulf FOB soybeans: USD 459/t [src-wb-pinksheet-aug26].

438.2 USD/t — US cents/bu / 100 x bushels per tonne — 36.7437 — Converting Grain Units

52-week range 993.75-1,256.50 US cents/bu [src-inv-soy]; USDA August estimate cut yield to 52.7 bu/acre but projected record 4.519 bn bu production [src-te-soy]. Sources: Investing.com; Trading Economics

CBOT Soybean Futures (front month) · CME Group / Chicago Board of Trade · front-month futures settlement, US cents/bushel

Grades and specifications

  • US No.2 yellow soybeans (USDA Federal Grain Inspection Service grade; CBOT deliverable at par) - practitioner note
  • Brazilian soybeans (ANEC contract specs) - practitioner note
  • Non-GMO / identity-preserved / food-grade soybeans at premium - practitioner note

How it trades physically

  • Bulk FOB US Gulf/PNW or Brazil (Santos/Paranagua), CFR/CIF Asia
  • Containerised bulk or bagged for food-grade and IP lots

Logistics

Bulk vessel for feed-crush volumes; containers for food-grade or small lots. Practitioner note.

Typical lot

CBOT contract is 5,000 bu (about 127-136 t). Containerised grain moves in ~20-25 t per 20 ft box (bagged or bulk-lined); bulk vessels start at Handysize parcels of ~25,000-30,000 t. (practitioner note)

Singapore context

Singapore has no grain production and little grain storage; its role is as a trading, financing and shipping-services hub (major grain merchants and agri banks have Asia desks here) - inference from the feasibility report's Singapore hub context, no single public source cited.

Regulatory points

Physical grain purchase for delivery is spot commodity trading under Singapore's Commodity Trading Act (Enterprise Singapore); CBOT futures are MAS-regulated derivatives [src-esg-cta-faq]. Destination import rules (GMO approvals, phytosanitary certificates, fumigation) vary by country - not surveyed here.

Caveats

  • Front-month futures differ from deferred months and from physical FOB/CFR prices; the two daily sources shown differ partly because they reference different sessions/months.
  • CME's own settlement page could not be read (JavaScript-rendered); daily settlements come from secondary republishers.
  • Conversion to USD/t uses 36.7437 bu/t and is arithmetic on the futures quote only.

Sources

Wheat (CBOT SRW)

Agri

What it is, in plain words

Wheat is the most widely grown food grain; CBOT soft red winter (SRW) is the most liquid futures benchmark, though physical milling wheat is sold by class and protein (HRW, spring, Australian, Black Sea) at differentials to it.

What a specialist would want to know first

  1. Milling or feed wheat, which class and protein/falling-number spec?
  2. Origin and crop year, and are Black Sea/US/Australian origins all acceptable?
  3. Bulk or containers, tonnage and shipment period?
  4. Price basis: which futures class/month plus basis, or CFR flat?
  5. Fumigation, phytosanitary and mycotoxin certificates required?

Reference price, dated

673.22 US¢/bu · as of 2026-08-17 · Trading Economics quote 2026-08-17 (contract month not stated; appears deferred versus Sep-2026) · Sources: Trading Economics; IndexBox (citing USDA AMS)

Range 630.25–673.22 US¢/bu (low–high) — USDA AMS-reported CBOT Sep-2026 SRW settlement 630.25 on 2026-08-11 [src-indexbox-ams-0812] versus 673.22 on Trading Economics 2026-08-17 [src-te-wheat]; the gap reflects both a rally to one-month highs and possibly a different contract month. World Bank July-2026 monthly averages: US SRW USD 258.1/t, US HRW USD 310.0/t [src-wb-pinksheet-aug26].

247.4 USD/t — US cents/bu / 100 x bushels per tonne — 36.7437 — Converting Grain Units

52-week range 492.25-711.25 US cents/bu [src-inv-wheat]; prices near one-month highs in mid-August on Black Sea tensions and US Plains crop conditions [src-te-wheat]. Sources: Investing.com; Trading Economics

CBOT Wheat (SRW) Futures · CME Group / Chicago Board of Trade · front-month futures settlement, US cents/bushel

Grades and specifications

  • US No.2 Soft Red Winter (CBOT deliverable, USDA FGIS grades) - practitioner note
  • US No.2 Hard Red Winter, protein-specified (KC contract) - practitioner note
  • Australian Prime Hard / APW, Black Sea milling wheat 12.5% protein - practitioner note

How it trades physically

  • Bulk FOB origin (US Gulf, Black Sea, Australia) or CFR/CIF Asia
  • Containerised bagged wheat or flour for small buyers

Logistics

Bulk vessel is standard; containers for niche/small lots. Practitioner note.

Typical lot

CBOT contract is 5,000 bu (about 127-136 t). Containerised grain moves in ~20-25 t per 20 ft box (bagged or bulk-lined); bulk vessels start at Handysize parcels of ~25,000-30,000 t. (practitioner note)

Singapore context

Singapore has no grain production and little grain storage; its role is as a trading, financing and shipping-services hub (major grain merchants and agri banks have Asia desks here) - inference from the feasibility report's Singapore hub context, no single public source cited.

Regulatory points

Physical grain purchase for delivery is spot commodity trading under Singapore's Commodity Trading Act (Enterprise Singapore); CBOT futures are MAS-regulated derivatives [src-esg-cta-faq]. Destination import rules (GMO approvals, phytosanitary certificates, fumigation) vary by country - not surveyed here.

Caveats

  • Wheat has several futures classes (SRW, HRW, spring); this entry uses SRW only.
  • Trading Economics does not state the contract month; the AMS-reported Sep-2026 settlement is 43 cents lower six days earlier - treat the value as indicative of the front curve, not one settlement.
  • Conversion to USD/t uses 36.7437 bu/t on the futures quote only.

Sources

Corn (maize)

Agri

What it is, in plain words

Corn is the largest grain crop by volume, used chiefly for animal feed, ethanol and starch; the US, Brazil, Argentina and Ukraine export it and CBOT corn futures set the global reference.

What a specialist would want to know first

  1. Feed or food/industrial grade, and GMO status acceptable at destination?
  2. Origin and moisture/aflatoxin limits?
  3. Container or bulk, monthly tonnage, and destination port draft limits?
  4. Price basis: CBOT month plus basis, or CFR flat, in USD/t?
  5. Import licences/quotas and phytosanitary rules at destination?

Reference price, dated

460.31 US¢/bu · as of 2026-08-17 · Trading Economics quote 2026-08-17 (three-week high); AMS-reported Sep-2026 settlement 436.75 on 2026-08-11 · Sources: Trading Economics; IndexBox (citing USDA AMS)

Range 436.75–460.31 US¢/bu (low–high) — CBOT Sep-2026 settlement 436.75 on 2026-08-11 [src-indexbox-ams-0812]; Trading Economics 4-week low 434.00 on 2026-08-11 and 460.31 on 2026-08-17 [src-te-corn]. World Bank July-2026 monthly average US No.2 yellow FOB Gulf: USD 213.4/t [src-wb-pinksheet-aug26].

181.2 USD/t — US cents/bu / 100 x bushels per tonne — 39.368 — Converting Grain Units

Rose above USD 4.60/bu to a three-week high on 2026-08-17 on stronger USDA export outlook; four-week low 434.00 on 2026-08-11 [src-te-corn]. Source: Trading Economics

CBOT Corn Futures (front/Dec-2026) · CME Group / Chicago Board of Trade · front-month futures settlement, US cents/bushel

Grades and specifications

  • US No.2 Yellow Corn (USDA FGIS grade; CBOT deliverable) - practitioner note
  • Brazilian/Argentine yellow corn, Ukrainian feed corn - practitioner note
  • Non-GMO / white corn for food use - practitioner note

How it trades physically

  • Bulk FOB US Gulf/PNW, Brazil, Argentina, Black Sea; CFR/CIF Asia
  • Containerised (bagged or bulk-lined) for small feed millers

Logistics

Bulk vessel standard; containers common for SE Asian feed millers buying <1,000 t. Practitioner note.

Typical lot

CBOT contract is 5,000 bu (about 127-136 t). Containerised grain moves in ~20-25 t per 20 ft box (bagged or bulk-lined); bulk vessels start at Handysize parcels of ~25,000-30,000 t. (practitioner note)

Singapore context

Singapore has no grain production and little grain storage; its role is as a trading, financing and shipping-services hub (major grain merchants and agri banks have Asia desks here) - inference from the feasibility report's Singapore hub context, no single public source cited.

Regulatory points

Physical grain purchase for delivery is spot commodity trading under Singapore's Commodity Trading Act (Enterprise Singapore); CBOT futures are MAS-regulated derivatives [src-esg-cta-faq]. Destination import rules (GMO approvals, phytosanitary certificates, fumigation) vary by country - not surveyed here.

Caveats

  • Values from different sessions and possibly different contract months; treat as an indicative front-curve level.
  • CME settlement page not machine-readable; secondary sources used.
  • Conversion to USD/t uses 39.368 bu/t (56 lb bushel) on the futures quote only.

Sources

Rice (Thai 5% broken white)

Agri

What it is, in plain words

Rice is the staple food of Asia and trades mostly government-to-government or in bagged containerised lots rather than on futures exchanges; Thai 5% broken white rice FOB Bangkok is the most-quoted export benchmark alongside Vietnamese and Indian 5%.

What a specialist would want to know first

  1. Which grade and origin: Thai 5%, Hom Mali, parboiled, Vietnamese, Indian - and broken percentage?
  2. New crop or old crop, and moisture/broken/chalky tolerances?
  3. How many containers per shipment and per year, FOB or CIF?
  4. Price basis: which weekly quotation and date, and in USD/t per container?
  5. Food-safety, phytosanitary and destination import licences required?

Reference price, dated

467 USD/t · as of 2026-07-31 · World Bank Pink Sheet July-2026 monthly average, Thai 5% broken WR FOB Bangkok (monthly average, labelled) · single public source · Source: World Bank

Range 440–494 USD/t (low–high) — World Bank monthly averages: May 440.0, June 494.0, July 467.0 USD/t [src-wb-pinksheet-aug26]. Thai Rice Exporters Association quoted USD 410/t in Feb 2026 [src-nation-thai-rice] - context only.

World Bank Thai 5% averages: 2025 annual 407.8; Q1-2026 399.3; Q2-2026 445.7; July 2026 467.0 USD/t. Source: World Bank

Thai white rice 5% broken, FOB Bangkok (indicative export price) · Thai Rice Exporters Association / World Bank Pink Sheet survey · weekly survey of export transactions; monthly average shown

Grades and specifications

  • Thai White Rice 5% broken (Thai Government standard) - the benchmark grade
  • Thai 25% broken, 100% broken A1 Super (World Bank also tracks) [src-wb-pinksheet-aug26]
  • Thai Hom Mali (jasmine), parboiled 100% sorted; Vietnamese 5%, Indian 5%/parboiled - practitioner note

How it trades physically

  • Bagged (50 kg PP bags) in 20 ft containers, FOB Bangkok/Laem Chabang or CIF destination
  • Bulk or big-bag breakbulk for large government tenders (practitioner note)

Logistics

Containerised bagged rice is the norm for private buyers (about 24-25 t per 20 ft box); fumigation and phytosanitary certificates required. Practitioner note.

Typical lot

One 20 ft container (~24-25 t bagged) is a practical minimum for a private importer; exporters often quote per container. Practitioner note - not cited. (practitioner note)

Singapore context

Singapore imports essentially all its rice and administers a Rice Stockpile Scheme for importers of white rice; regional rice traders and Singapore-based agri-trade financiers are active, but Singapore is not a price-discovery venue for rice. (Stockpile-scheme reference is general knowledge, not separately cited here.)

Regulatory points

Physical rice purchase for delivery is spot commodity trading under Singapore's Commodity Trading Act (Enterprise Singapore) [src-esg-cta-faq]; rice import into Singapore also requires Singapore Food Agency licensing (not verified here). Exporting-country policies (Indian export restrictions/duties in recent years, Thai government stock policies) can move prices sharply - not surveyed.

Caveats

  • Single dated source (World Bank monthly average) - the value is a July-2026 average, not an August spot; weekly quotations were unreachable at access time.
  • No futures benchmark exists for Thai rice; 'reference price' is a survey indicative FOB price.
  • Private-mill web quotes found (USD 430-480/t) are marketing pages and were not used.

Sources

Category beat

Softs

Is it a soft commodity such as sugar, cocoa, coffee, or cotton?

Raw sugar

Softs

What it is, in plain words

Raw centrifugal cane sugar is shipped in bulk from Brazil, Thailand, Australia and India to refineries worldwide; ICE Sugar No.11 futures (US cents/lb) are the global benchmark for raw sugar, while London No.5 covers white/refined sugar.

What a specialist would want to know first

  1. Raw sugar for a refinery, or refined white sugar (ICUMSA grade) for food use?
  2. Bulk vessel or bagged containers, and tonnage per month?
  3. Origin restrictions (e.g. Brazil vs Thailand) and destination import tariffs/quotas?
  4. Price basis: ICE No.11 or London No.5 month plus premium, fixed when?
  5. Food-safety certificates and halal/kosher requirements?

Reference price, dated

16.6 US¢/lb · as of 2026-08-14 · front-month settlement 2026-08-14 (Investing.com and Trading Economics agree) · Sources: Investing.com; Trading Economics

Range 16.42–16.82 US¢/lb (low–high) — Daily settlements 2026-08-12 to 08-14: 16.42 / 16.82 / 16.60 US cents/lb [src-inv-sugar]. World Bank July-2026 world sugar monthly average USD 0.34/kg (=15.4 US cents/lb) [src-wb-pinksheet-aug26].

366 USD/t — US cents/lb / 100 x 2,204.62 lb per tonne — 2204.62 — Sugar No. 11 Futures - contract specifications

52-week range 13.26-17.11 US cents/lb [src-inv-sugar]. Source: Investing.com

ICE Sugar No.11 Futures (front month) · ICE Futures U.S. · front-month settlement, US cents/lb, FOB origin port

Grades and specifications

  • Raw centrifugal cane sugar, 96 degrees polarization (ICE No.11 deliverable) [src-ice-sugar11]
  • VHP (very high polarization, ~99.3 pol) raws - practitioner note
  • White/refined sugar ICUMSA 45 (priced off London No.5) - practitioner note

How it trades physically

  • Bulk raws FOB origin port (Santos, Laem Chabang, Queensland) per ICE terms [src-ice-sugar11]
  • Refined sugar in 50 kg bags containerised, CIF destination (practitioner note)

Logistics

Raws move in bulk vessels (Handy/Supramax); refined sugar containerised in bags (~25 t per 20 ft). Practitioner note.

Typical lot

ICE No.11 contract is 112,000 lb (about 50.8 t) [src-ice-sugar11]; a bagged container of refined sugar is ~25 t; bulk raws parcels are typically 10,000 t and up. (practitioner note)

Singapore context

Singapore is a regional trading/financing hub for softs (several international soft-commodity merchants and trade-finance banks operate Asia desks here) but not a delivery point or price-discovery venue for this product - inference from the feasibility report's Singapore hub context; no single public source cited.

Regulatory points

Physical purchase for delivery is spot commodity trading under Singapore's Commodity Trading Act (Enterprise Singapore); ICE futures are MAS-regulated derivatives [src-esg-cta-faq].

Caveats

  • Front-month futures FOB origin; physical premiums, polarization adjustments and freight apply.
  • Refined sugar is a different market (London No.5) not covered here.
  • Conversion to USD/t uses 2,204.62 lb/t on the futures quote only.

Sources

Cocoa

Softs

What it is, in plain words

Cocoa beans are grown mainly in Cote d'Ivoire and Ghana and processed into butter, liquor and powder; ICE New York (USD/t) and ICE London (GBP/t) futures set the price, which has been exceptionally volatile since 2024.

What a specialist would want to know first

  1. Beans or products (butter/liquor/powder), and which origin/group?
  2. Certification (Fairtrade, RA, organic) and traceability documents required?
  3. Container lots or larger, and shipment period?
  4. Price basis: ICE NY or London month plus differential; USD or GBP?
  5. Bean count, moisture, defect and fermentation specs at delivery?

Reference price, dated

5,773 USD/t · as of 2026-08-14 · front-month settlement 2026-08-14 (Investing.com; Trading Economics shows 5,773 dated Aug 15 - both republish the same ICE settlement); second independent basis: World Bank Pink Sheet July-2026 ICCO monthly average USD 5.61/kg (=5,610/t), a different basis and period · Sources: Investing.com; Trading Economics; World Bank

Range 5,605–5,813 USD/t (low–high) — Day range 2026-08-14 5,605-5,813 USD/t [src-inv-cocoa]. World Bank July-2026 ICCO daily-price monthly average USD 5.61/kg (=5,610/t) [src-wb-pinksheet-aug26].

52-week range 2,846-8,500 USD/t; down 29.3% year on year; +12.4% jump on 2026-08-03 [src-inv-cocoa]. Source: Investing.com

ICE Cocoa Futures (New York, front month) · ICE Futures U.S. · front-month settlement, USD/t

Grades and specifications

  • ICE deliverable growths: Group A (Ghana, Cote d'Ivoire, Nigeria, Sierra Leone, Togo) at USD 160/t premium; Group B (Ecuador, Cameroon, Colombia, PNG, Venezuela...) USD 80/t; Group C (Bolivia, Haiti, Indonesia-Sulawesi, Malaysia...) at par [src-ice-cocoa]
  • Fine/flavour cocoa and certified (Rainforest Alliance/Fairtrade/organic) beans at differentials - practitioner note
  • Cocoa products: butter, liquor, powder priced as ratios to beans - practitioner note

How it trades physically

  • Beans in jute bags (about 62.5-65 kg) or bulk in containers with liners, FOB origin or CIF/DAP destination; ICE delivery at US port warehouses [src-ice-cocoa]

Logistics

Containerised (bagged or bulk-in-box), ~12.5 t bagged or up to ~25 t bulk per 20 ft. Practitioner note.

Typical lot

ICE contract is 10 t [src-ice-cocoa]; one container of beans (~12.5-25 t) is a realistic minimum for a chocolate maker; grinders buy in thousands of tonnes. (practitioner note)

Singapore context

Singapore hosts Asian trading offices of major cocoa processors/traders and is a regional distribution point for cocoa products into SE Asia; Indonesia and Malaysia are the regional origins and grinders. Inference; no single public source cited.

Regulatory points

Physical purchase for delivery is spot commodity trading under Singapore's Commodity Trading Act (Enterprise Singapore); ICE futures are MAS-regulated derivatives [src-esg-cta-faq]. EU Deforestation Regulation traceability affects cocoa sold into the EU - not covered here.

Caveats

  • Extreme volatility: 52-week range 2,846-8,500 USD/t; a snapshot decays quickly.
  • Physical differentials for origin/quality are large relative to the futures price.
  • London cocoa (GBP/t) is a separate contract not tabulated here.

Sources

Coffee (arabica)

Softs

What it is, in plain words

Arabica coffee, grown in Brazil, Colombia, Central America and East Africa, is priced off ICE 'Coffee C' futures in US cents/lb; robusta (Vietnam, Indonesia) trades on ICE London and is not covered here.

What a specialist would want to know first

  1. Arabica or robusta; washed or natural; origin, grade and screen size?
  2. Specialty (cup score) or commercial, and certifications (organic/RA/Fairtrade)?
  3. Container or pallet lots, and shipping windows vs harvest?
  4. Price basis: ICE C month plus differential in US cents/lb, fixed when?
  5. Roasted-coffee import rules and food-safety documents at destination?

Reference price, dated

314.3 US¢/lb · as of 2026-08-14 · front-month settlement 2026-08-14 (Investing.com and Trading Economics agree - both republish the same ICE settlement); second independent basis: World Bank Pink Sheet July-2026 ICO other-milds monthly average USD 7.91/kg (=359 US cents/lb), a different basis and period · Sources: Investing.com; Trading Economics; World Bank

Range 312.8–319.95 US¢/lb (low–high) — Settlements 2026-08-12 to 08-14: 319.95 / 312.80 / 314.30 US cents/lb [src-inv-coffee]. World Bank July-2026 ICO other-milds indicator monthly average USD 7.91/kg (=359 US cents/lb; different basis, ex-dock physical) [src-wb-pinksheet-aug26].

6,929 USD/t — US cents/lb / 100 x 2,204.62 lb per tonne — 2204.62 — Coffee C Futures - contract specifications

52-week range 238.85-437.95 US cents/lb [src-inv-coffee]. Source: Investing.com

ICE Coffee C Futures (front month) · ICE Futures U.S. · front-month settlement, US cents/lb, ex-warehouse certified

Grades and specifications

  • Washed arabica from ICE's 20 deliverable origins with differentials (Colombia/Costa Rica premium; Brazil/Vietnam discount), certified by grade and cup test [src-ice-coffee]
  • Brazil naturals (NY 2/3, screen 17/18), Colombian Excelso/Supremo, specialty (SCA 80+) - practitioner note

How it trades physically

  • Green beans in 60/69/70 kg jute/GrainPro bags, containerised, FOB origin or CIF/DAP destination; certified ICE stocks at licensed warehouses in US/Europe [src-ice-coffee]

Logistics

Containerised: ~275-320 bags (about 19-21 t) per 20 ft; specialty lots as small as a pallet via consolidators. Practitioner note.

Typical lot

ICE contract is 37,500 lb (about 17 t) [src-ice-coffee]; commercial roasters buy by the container (~19-21 t); micro-lots via importers. (practitioner note)

Singapore context

Singapore is a regional coffee trading/roasting and re-export point (traders and specialty importers based here serve SE Asia); it is not a price-discovery venue. Inference; not cited.

Regulatory points

Physical purchase for delivery is spot commodity trading under Singapore's Commodity Trading Act (Enterprise Singapore); ICE futures are MAS-regulated derivatives [src-esg-cta-faq].

Caveats

  • Futures reflect exchange-certified washed arabica; physical differentials vary widely by origin/quality.
  • Robusta not covered.
  • Conversion to USD/t uses 2,204.62 lb/t on the futures quote only.

Sources

Cotton

Softs

What it is, in plain words

Cotton lint is the main natural textile fibre, exported by the US, Brazil, Australia and West Africa to spinning mills in Asia; ICE Cotton No.2 futures (US cents/lb) and the Cotlook A Index are the benchmarks.

What a specialist would want to know first

  1. Grade, staple length, micronaire and strength range required by the mill?
  2. Origin (US/Brazil/Australia/West Africa) and Better Cotton/organic requirements?
  3. How many containers per month and delivery term (CFR which port)?
  4. Price basis: ICE No.2 or Cotlook A plus basis, in US cents/lb, fixed when?
  5. Contamination, moisture and classing certificates required?

Reference price, dated

84.8 US¢/lb · as of 2026-08-14 · front-month settlement 2026-08-14 (Investing.com); Trading Economics 84.684 on 2026-08-17 · Sources: Investing.com; Trading Economics

Range 83.5–84.8 US¢/lb (low–high) — Settlements 2026-08-13/14: 83.50 / 84.80 US cents/lb [src-inv-cotton]. World Bank July-2026 Cotlook A Index (middling 1-3/32, CFR Far East) monthly average USD 1.96/kg (=88.9 US cents/lb) [src-wb-pinksheet-aug26].

1,869.5 USD/t — US cents/lb / 100 x 2,204.62 lb per tonne — 2204.62 — Cotton No. 2 Futures - contract specifications

52-week range 60.71-88.88 US cents/lb; +24.6% over 12 months [src-inv-cotton]. Source: Investing.com

ICE Cotton No.2 Futures (front month) · ICE Futures U.S. · front-month settlement, US cents/lb, US delivery points

Grades and specifications

  • ICE No.2 deliverable: Strict Low Middling, staple 1 2/32 inch, USDA classing [src-ice-cotton2]
  • Cotlook A basis: middling 1-3/32 inch [src-wb-pinksheet-aug26]
  • Grade/staple/micronaire/strength per USDA HVI classing; Better Cotton, organic - practitioner note

How it trades physically

  • Compressed bales (~227 kg US universal density) in containers, FOB origin or CFR/CIF Asian port [src-ice-cotton2]

Logistics

Containerised bales, roughly 88-90 bales (~20 t) per 40 ft HC. Practitioner note.

Typical lot

ICE contract is 50,000 lb (about 22.7 t, ~100 bales) [src-ice-cotton2]; mills buy by the container or in multi-container programmes. (practitioner note)

Singapore context

Singapore hosts Asian merchandising offices of international cotton merchants serving South/Southeast Asian mills; no physical delivery or exchange role. Inference; not cited.

Regulatory points

Physical purchase for delivery is spot commodity trading under Singapore's Commodity Trading Act (Enterprise Singapore); ICE futures are MAS-regulated derivatives [src-esg-cta-faq].

Caveats

  • Futures reflect US-delivered SLM 1-2/32; export cotton is priced at basis to ICE or to Cotlook A (CFR Far East).
  • Conversion to USD/t uses 2,204.62 lb/t on the futures quote only.

Sources

After the beats

What happens next is human

In the proposed service, a human sourcing specialist would review the inquiry, clarify the requirement, and discuss whether there is a possible next step. A response time and service availability are not promised.

Explicit limits

What this reference does not do

Public benchmarks may be paywalled or delayed; snapshots age. This reference does not recommend a launch commodity, does not state Hermes pricing, and does not indicate what Hermes could source or when.