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.
Fieldbook · opening leaf
Reference notes on physical commodities
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.
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.
Choose a layer to emphasise the matching note rows on every specimen plate: what a buyer would need to specify, what a proposed specialist would clarify, and what would shape a physical next step. Nothing is hidden; the other rows stay in place.
Emphasis: all layers — every note row is shown with equal weight.
Complete field guide. Every layer is visible on every plate below without operating the control. The layers group the note rows as follows:
Need
Grades and specifications · Trade forms · Typical lot
Clarify
Benchmark · Reference price · Range · Converted value · Price context · Questions a proposed specialist would clarify · Caveats
Each plate pairs an abstract specimen frame with its numbered notes: what the material is, where its public benchmark stood on the stated date, how it trades physically, and which questions a proposed specialist would clarify before anything else. Chapters follow the sequence of the dataset; no chapter or plate is singled out, and the lack of a chosen commodity stays explicit.
Chapter Energy
Plate I
Abstract CSS geometry keyed to the Energy chapter — a specimen frame, not a depiction of the material or of any document. Illustrative process — not current routes, partners, or coverage.
Brent crude oil
ChapterEnergy
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.
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
Range low 86.47 – high 96.95 USD/bbl (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.)
Price context
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
Other crudes priced as differentials to Brent/Dubai (Platts Dubai is the Asian sour marker)
Trade forms
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
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)
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.
Singapore note
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 note
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).
Questions a proposed specialist would clarify
Do you actually need crude, or a refined product (diesel/jet/fuel oil/bunker) with a specification (e.g. sulphur, cetane)?
Volume per month and delivery mode (tanker, barge, ISO-tank, truck)?
Delivery basis (FOB/CIF/DES) and port, and who arranges the vessel and insurance?
Pricing basis (fixed vs. benchmark-linked with premium/discount) and payment terms (LC/prepayment)?
Origin restrictions and sanctions/KYC documentation available?
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.
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
Plate II
Abstract CSS geometry keyed to the Energy chapter — a specimen frame, not a depiction of the material or of any document. Illustrative process — not current routes, partners, or coverage.
LNG (Asia) — JKM
ChapterEnergy
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.
Benchmark
Platts JKM · S&P Global Commodity Insights (Platts); JKM swaps on CME/ICE · daily spot assessment, DES Northeast Asia, front-month delivery window
Reference price
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
Range low 11.8 – high 21.22 USD/MMBtu (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.)
Price context
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
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
Trade forms
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
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)
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.
Singapore note
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 note
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.
Questions a proposed specialist would clarify
Do you need LNG cargoes or regasified gas / small-scale ISO-container LNG?
Receiving terminal or facility, its acceptance spec (GHV/Wobbe) and send-out capacity?
Volume and cadence (single cargo vs. strip), delivery window, and DES vs FOB?
Pricing basis (JKM-linked, oil-indexed, fixed) and credit/LC capacity for a cargo-sized invoice?
Any destination restrictions in the seller's supply contract?
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.
Abstract CSS geometry keyed to the Energy chapter — a specimen frame, not a depiction of the material or of any document. Illustrative process — not current routes, partners, or coverage.
Thermal coal (Newcastle 6,000 kcal)
ChapterEnergy
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.
Benchmark
ICE Newcastle Coal futures / globalCOAL NEWC index · ICE Futures Europe (cash-settled against globalCOAL monthly NEWC index) · front-month futures close
Reference price
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
Range low 100.7 – high 152.25 USD/t (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).)
Price context
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
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)
Trade forms
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
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)
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.
Singapore note
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 note
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.
Questions a proposed specialist would clarify
Calorific value basis (NAR vs GAR), sulphur/ash/moisture limits for your boiler?
Tonnage per shipment and per year, and can your port take Panamax vessels?
FOB vs CFR, and who charters/insures?
Index-linked (NEWC/ICI/HBA) or fixed price, and payment/LC terms?
Financing and insurance availability given coal ESG restrictions?
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.
Abstract CSS geometry keyed to the Base metals chapter — a specimen frame, not a depiction of the material or of any document. Illustrative process — not current routes, partners, or coverage.
Copper
ChapterBase metals
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.
Benchmark
LME Copper · London Metal Exchange · official cash settlement (also 3-month)
Reference price
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
Range low 14,134 – high 14,705 USD/t (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.)
Price context
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. — Sources: World Bank
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
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.)
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)
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.
Singapore note
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 note
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.
Questions a proposed specialist would clarify
Cathode, wire rod, or scrap — and which registered brands/specs are acceptable to your end user?
Tonnage per month and containerised vs break-bulk?
Delivery basis (FOB/CIF port, ex-warehouse Singapore) and timing?
Pricing formula (LME cash/3M average over QP + premium) and hedging expectations?
Financing/LC and assay/inspection arrangements?
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
Market data — LME official prices (cash settlement / 3 months), 14 August 2026 — Westmetall (republishing LME) — accessed 2026-08-17 — https://www.westmetall.com/en/markdaten.php
Abstract CSS geometry keyed to the Base metals chapter — a specimen frame, not a depiction of the material or of any document. Illustrative process — not current routes, partners, or coverage.
Aluminium
ChapterBase metals
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.
Benchmark
LME Aluminium · London Metal Exchange · official cash settlement
Reference price
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
Range low 3,161 – high 3,256.55 USD/t (Pink Sheet July 2026 monthly average 3,161; Trading Economics 3,256.55 on 2026-08-17 (CFD-tracked).)
Price context
Pink Sheet monthly averages: May 3,666; June 3,439; July 3,161 USD/t. — Sources: World Bank
Grades and specifications
LME primary aluminium: min 99.7% Al (P1020A per EN 576 / LME spec) ingots, T-bars, sows
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)
Typical lot
LME lot = 25 t (Aluminium contract specification); one 20-ft container (~20-24 t) is the practical minimum physical purchase. (practitioner note)
Logistics
Dense, easily containerised; large stocks in Malaysian and Singaporean LME warehouses; sanctions/origin (Russian metal) status affects acceptability and financing.
Singapore note
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 note
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.
Questions a proposed specialist would clarify
Which form and alloy (P1020 ingot, billet 6063, ADC12, sheet)?
Monthly tonnage and container vs bulk?
Delivery basis, port and timing?
LME-linked formula and premium basis (MJP/SEA) vs fixed price?
Origin restrictions (Russian metal) and certificates of origin/analysis required?
Caveats
Prices exclude physical premiums and product conversion charges.
Westmetall is a republisher of LME officials.
Snapshot only.
Sources
Market data — LME official prices (cash settlement / 3 months), 14 August 2026 — Westmetall (republishing LME) — accessed 2026-08-17 — https://www.westmetall.com/en/markdaten.php
Abstract CSS geometry keyed to the Base metals chapter — a specimen frame, not a depiction of the material or of any document. Illustrative process — not current routes, partners, or coverage.
Nickel
ChapterBase metals
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.
Benchmark
LME Nickel · London Metal Exchange · official cash settlement
Reference price
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
Range low 16,575 – high 16,823 USD/t (Trading Economics 16,823 on 2026-08-17 (CFD-tracked); Pink Sheet July 2026 monthly average 16,651.)
Price context
Pink Sheet monthly averages: May 18,806; June 17,588; July 16,651 USD/t. — Sources: World Bank
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
Class 1 in drums/bags/bundles, containerised, FOB/CIF; LME + premium
NPI/ferronickel in bulk or containers, CIF China
LME warrants (Asian warehouses)
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)
Logistics
Containerised for Class 1; bulk for NPI/FeNi; brand and form matter (briquettes vs cathode); Indonesian material dominates regional flows.
Singapore note
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 note
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.
Questions a proposed specialist would clarify
Which product: Class 1 cathode/briquette, ferronickel/NPI, MHP or nickel sulphate?
Tonnage and packaging (drums, big bags, bulk)?
Delivery basis and destination (China CIF vs ex-warehouse Asia)?
LME-linked formula with premium/payable vs fixed?
Assay/inspection and brand acceptability to the end user?
Caveats
Class 2 products do not trade at LME price; payables of 60-80% are common.
Westmetall republishes LME officials.
Snapshot only.
Sources
Market data — LME official prices (cash settlement / 3 months), 14 August 2026 — Westmetall (republishing LME) — accessed 2026-08-17 — https://www.westmetall.com/en/markdaten.php
Abstract CSS geometry keyed to the Base metals chapter — a specimen frame, not a depiction of the material or of any document. Illustrative process — not current routes, partners, or coverage.
Tin
ChapterBase metals
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.
Benchmark
LME Tin · London Metal Exchange · official cash settlement
Reference price
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
Range low 52,971 – high 56,200 USD/t (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).)
Price context
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. — Sources: World Bank
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
Trade forms
ingot bundles (~1 t) in 20-ft containers, FOB Indonesia/Malaysia or CIF; LME + premium
LME lot = 5 t (Tin contract specification); physical minimum a few tonnes (bundles) up to one container (~20 t). (practitioner note)
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.
Singapore note
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 note
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.
Questions a proposed specialist would clarify
Purity/brand required (99.85% vs 99.9%/low-lead) and end use (solder, chemicals)?
Tonnage per month (tin buyers are usually small)?
Delivery basis (FOB Jakarta/Port Klang, ex-warehouse) and timing?
LME-linked formula and premium?
Conflict-minerals/traceability documentation needed by your customers?
Caveats
Small market — LME tin cash-3M spreads and premiums move sharply.
Westmetall republishes LME officials.
Snapshot only.
Sources
Market data — LME official prices (cash settlement / 3 months), 14 August 2026 — Westmetall (republishing LME) — accessed 2026-08-17 — https://www.westmetall.com/en/markdaten.php
Abstract CSS geometry keyed to the Base metals chapter — a specimen frame, not a depiction of the material or of any document. Illustrative process — not current routes, partners, or coverage.
Zinc
ChapterBase metals
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.
Benchmark
LME Zinc · London Metal Exchange · official cash settlement
Reference price
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
Range low 3,599 – high 3,875 USD/t (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.)
Price context
Pink Sheet monthly averages: May 3,482; June 3,539; July 3,599 USD/t. — Sources: World Bank
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
Trade forms
ingot bundles/jumbos in 20-ft containers or break-bulk, FOB/CIF; LME + premium
Abstract CSS geometry keyed to the Bulk chapter — a specimen frame, not a depiction of the material or of any document. Illustrative process — not current routes, partners, or coverage.
Iron ore (62% Fe fines, CFR China)
ChapterBulk
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.
Benchmark
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
Reference price
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
Range low 93.66 – high 111.42 USD/dmt (52-week range per Investing.com (2026-08-14); Pink Sheet monthly average July 2026 98.2 USD/dmt (spot 62% Fe cfr China).)
Price context
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
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
Trade forms
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
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)
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.
Singapore note
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 note
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.
Questions a proposed specialist would clarify
Do you operate or supply a steel mill? If not, why iron ore?
Grade (62% fines, lump, pellet) and impurity limits, and dmt vs wmt basis?
Cargo size, discharge port and CFR vs FOB?
Index-linked (Platts/TSI monthly average) vs fixed price and payment terms?
Inspection/quality-claim mechanism at discharge?
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.
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Lithium carbonate (battery grade)
ChapterCritical minerals
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.
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
Range low 144,000 – high 153,000 CNY/t (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).)
Price context
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). — Sources: Trading Economics
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
Trade forms
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)
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)
Logistics
Non-hazardous white powder, moisture-sensitive; containerised; main exporters Chile (SQM/Albemarle) and Argentina; China is the main converter and consumer.
Singapore note
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 note
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.
Questions a proposed specialist would clarify
Carbonate or hydroxide, and battery vs technical grade with the exact impurity spec your cathode maker requires?
Tonnage and container/pallet quantity?
Delivery basis (ex-works China, CIF port, DDP) and currency (CNY vs USD/kg)?
Index-linked (SMM/Fastmarkets average) or fixed, and payment terms?
Qualification/sample approval process with the end user?
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.
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Cobalt
ChapterCritical minerals
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.
Benchmark
LME Cobalt (Fastmarkets standard grade) · London Metal Exchange / Fastmarkets · spot metal price, USD/t
Reference price
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 · Sources: Trading Economics (single public source)
Range
Range low 48,500 – high 58,000 USD/t (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.)
Price context
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
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
Trade forms
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)
Typical lot
LME lot = 1 t; physical metal typically sold in 1-5 t drum lots up to container (~20 t). (practitioner note)
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.
Singapore note
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 note
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).
Questions a proposed specialist would clarify
Metal, hydroxide or sulphate — and purity/spec?
Tonnage (cobalt buyers are usually small) and packaging?
Delivery basis, port and timing?
Fastmarkets/LME-linked formula vs fixed; payable % for hydroxide?
Origin/traceability and responsible-sourcing documentation required?
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.
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Crude palm oil (CPO)
ChapterAgri
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.
Benchmark
Bursa Malaysia Derivatives Crude Palm Oil Futures (FCPO), 3rd-month (Oct-2026) · Bursa Malaysia Derivatives · daily settlement, MYR/t, physically delivered contract
Reference price
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; Trading Economics
Range
Range low 1,101 – high 4,711 MYR/t (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.)
Price context
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
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]
Sustainability certification often specified: MSPO, ISPO, RSPO (segregated / mass balance)
Trade forms
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)
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)
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.
Singapore note
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 note
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].
Questions a proposed specialist would clarify
Crude or refined (RBD olein/stearin) - and which specification sheet (FFA, IV, moisture)?
Do you require MSPO/ISPO/RSPO certification, and which supply-chain model?
Volume: flexitank/ISO-tank lots or a bulk tanker parcel, and delivery port?
Which price basis: Bursa FCPO month, Indonesian reference price, or a physical FOB quote - and in MYR or USD?
Import permits, halal or food-grade certificates needed at destination?
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.
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Natural rubber (TSR20)
ChapterAgri
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.
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
Range low 214 – high 221.3 US¢/kg (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].)
Price context
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. — Sources: World Bank
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]
Trade forms
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]
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.
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].
Singapore note
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 note
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.
Questions a proposed specialist would clarify
TSR20 or a sheet/latex grade, and which national standard (SIR/SMR/STR) and factory certification?
One-container lots (~20 t) or multi-container programmes, and how often?
FOB which origin port, or CIF your plant - and who inspects (SGS/Intertek) at load?
Price basis: SICOM settlement month plus/minus a physical differential, fixed at what date?
EU Deforestation Regulation or other traceability documents required?
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.
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Soybeans
ChapterAgri
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.
Benchmark
CBOT Soybean Futures (front month) · CME Group / Chicago Board of Trade · front-month futures settlement, US cents/bushel
Reference price
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; Trading Economics
Range
Range low 1,147.5 – high 1,192.5 US¢/bu (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].)
Converted value · stated factor · formula
438.2 USD/t · 36.7437 · US cents/bu / 100 x bushels per tonne · Converting Grain Units
Price context
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
Grades and specifications
US No.2 yellow soybeans (USDA Federal Grain Inspection Service grade; CBOT deliverable at par) - practitioner note
Bulk FOB US Gulf/PNW or Brazil (Santos/Paranagua), CFR/CIF Asia
Containerised bulk or bagged for food-grade and IP lots
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)
Logistics
Bulk vessel for feed-crush volumes; containers for food-grade or small lots. Practitioner note.
Singapore note
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 note
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.
Questions a proposed specialist would clarify
Feed/crush grade or food-grade (non-GMO/IP), and which grade standard?
Origin preference (US/Brazil/Argentina) and GMO import approvals at destination?
Bulk vessel or containers, and how many tonnes per month?
Price basis: CBOT month plus basis, or a flat CFR quote?
Phytosanitary and fumigation requirements at destination?
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.
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Wheat (CBOT SRW)
ChapterAgri
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.
Benchmark
CBOT Wheat (SRW) Futures · CME Group / Chicago Board of Trade · front-month futures settlement, US cents/bushel
Reference price
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; Trading Economics; IndexBox (citing USDA AMS)
Range
Range low 630.25 – high 673.22 US¢/bu (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].)
Converted value · stated factor · formula
247.4 USD/t · 36.7437 · US cents/bu / 100 x bushels per tonne · Converting Grain Units
Price context
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
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
Trade forms
Bulk FOB origin (US Gulf, Black Sea, Australia) or CFR/CIF Asia
Containerised bagged wheat or flour for small buyers
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)
Logistics
Bulk vessel is standard; containers for niche/small lots. Practitioner note.
Singapore note
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 note
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.
Questions a proposed specialist would clarify
Milling or feed wheat, which class and protein/falling-number spec?
Origin and crop year, and are Black Sea/US/Australian origins all acceptable?
Bulk or containers, tonnage and shipment period?
Price basis: which futures class/month plus basis, or CFR flat?
Fumigation, phytosanitary and mycotoxin certificates required?
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.
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Corn (maize)
ChapterAgri
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.
Benchmark
CBOT Corn Futures (front/Dec-2026) · CME Group / Chicago Board of Trade · front-month futures settlement, US cents/bushel
Reference price
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; Trading Economics; IndexBox (citing USDA AMS)
Range
Range low 436.75 – high 460.31 US¢/bu (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].)
Converted value · stated factor · formula
181.2 USD/t · 39.368 · US cents/bu / 100 x bushels per tonne · Converting Grain Units
Price context
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]. — Sources: Trading Economics
Non-GMO / white corn for food use - practitioner note
Trade forms
Bulk FOB US Gulf/PNW, Brazil, Argentina, Black Sea; CFR/CIF Asia
Containerised (bagged or bulk-lined) for small feed millers
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)
Logistics
Bulk vessel standard; containers common for SE Asian feed millers buying <1,000 t. Practitioner note.
Singapore note
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 note
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.
Questions a proposed specialist would clarify
Feed or food/industrial grade, and GMO status acceptable at destination?
Origin and moisture/aflatoxin limits?
Container or bulk, monthly tonnage, and destination port draft limits?
Price basis: CBOT month plus basis, or CFR flat, in USD/t?
Import licences/quotas and phytosanitary rules at destination?
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.
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Rice (Thai 5% broken white)
ChapterAgri
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%.
Benchmark
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
Reference price
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) · Sources: World Bank (single public source)
Range
Range low 440 – high 494 USD/t (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.)
Price context
World Bank Thai 5% averages: 2025 annual 407.8; Q1-2026 399.3; Q2-2026 445.7; July 2026 467.0 USD/t. — Sources: World Bank
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
Trade forms
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)
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)
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.
Singapore note
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 note
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.
Questions a proposed specialist would clarify
Which grade and origin: Thai 5%, Hom Mali, parboiled, Vietnamese, Indian - and broken percentage?
New crop or old crop, and moisture/broken/chalky tolerances?
How many containers per shipment and per year, FOB or CIF?
Price basis: which weekly quotation and date, and in USD/t per container?
Food-safety, phytosanitary and destination import licences required?
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.
Abstract CSS geometry keyed to the Softs chapter — a specimen frame, not a depiction of the material or of any document. Illustrative process — not current routes, partners, or coverage.
Raw sugar
ChapterSofts
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.
Benchmark
ICE Sugar No.11 Futures (front month) · ICE Futures U.S. · front-month settlement, US cents/lb, FOB origin port
Reference price
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
Range low 16.42 – high 16.82 US¢/lb (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].)
Converted value · stated factor · formula
366 USD/t · 2204.62 · US cents/lb / 100 x 2,204.62 lb per tonne · Sugar No. 11 Futures - contract specifications
Price context
52-week range 13.26-17.11 US cents/lb [src-inv-sugar]. — Sources: Investing.com
VHP (very high polarization, ~99.3 pol) raws - practitioner note
White/refined sugar ICUMSA 45 (priced off London No.5) - practitioner note
Trade forms
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)
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)
Logistics
Raws move in bulk vessels (Handy/Supramax); refined sugar containerised in bags (~25 t per 20 ft). Practitioner note.
Singapore note
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 note
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].
Questions a proposed specialist would clarify
Raw sugar for a refinery, or refined white sugar (ICUMSA grade) for food use?
Bulk vessel or bagged containers, and tonnage per month?
Origin restrictions (e.g. Brazil vs Thailand) and destination import tariffs/quotas?
Price basis: ICE No.11 or London No.5 month plus premium, fixed when?
Food-safety certificates and halal/kosher requirements?
Abstract CSS geometry keyed to the Softs chapter — a specimen frame, not a depiction of the material or of any document. Illustrative process — not current routes, partners, or coverage.
Cocoa
ChapterSofts
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.
Benchmark
ICE Cocoa Futures (New York, front month) · ICE Futures U.S. · front-month settlement, USD/t
Reference price
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
Range low 5,605 – high 5,813 USD/t (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].)
Price context
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]. — Sources: Investing.com
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
Trade forms
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]
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)
Logistics
Containerised (bagged or bulk-in-box), ~12.5 t bagged or up to ~25 t bulk per 20 ft. Practitioner note.
Singapore note
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 note
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.
Questions a proposed specialist would clarify
Beans or products (butter/liquor/powder), and which origin/group?
Certification (Fairtrade, RA, organic) and traceability documents required?
Container lots or larger, and shipment period?
Price basis: ICE NY or London month plus differential; USD or GBP?
Bean count, moisture, defect and fermentation specs at delivery?
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.
Abstract CSS geometry keyed to the Softs chapter — a specimen frame, not a depiction of the material or of any document. Illustrative process — not current routes, partners, or coverage.
Coffee (arabica)
ChapterSofts
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.
Benchmark
ICE Coffee C Futures (front month) · ICE Futures U.S. · front-month settlement, US cents/lb, ex-warehouse certified
Reference price
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
Range low 312.8 – high 319.95 US¢/lb (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].)
Converted value · stated factor · formula
6,929 USD/t · 2204.62 · US cents/lb / 100 x 2,204.62 lb per tonne · Coffee C Futures - contract specifications
Price context
52-week range 238.85-437.95 US cents/lb [src-inv-coffee]. — Sources: Investing.com
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]
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]
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)
Logistics
Containerised: ~275-320 bags (about 19-21 t) per 20 ft; specialty lots as small as a pallet via consolidators. Practitioner note.
Singapore note
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 note
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].
Questions a proposed specialist would clarify
Arabica or robusta; washed or natural; origin, grade and screen size?
Specialty (cup score) or commercial, and certifications (organic/RA/Fairtrade)?
Container or pallet lots, and shipping windows vs harvest?
Price basis: ICE C month plus differential in US cents/lb, fixed when?
Roasted-coffee import rules and food-safety documents at destination?
Abstract CSS geometry keyed to the Softs chapter — a specimen frame, not a depiction of the material or of any document. Illustrative process — not current routes, partners, or coverage.
Cotton
ChapterSofts
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.
Benchmark
ICE Cotton No.2 Futures (front month) · ICE Futures U.S. · front-month settlement, US cents/lb, US delivery points
Reference price
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
Range low 83.5 – high 84.8 US¢/lb (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].)
Converted value · stated factor · formula
1,869.5 USD/t · 2204.62 · US cents/lb / 100 x 2,204.62 lb per tonne · Cotton No. 2 Futures - contract specifications
Price context
52-week range 60.71-88.88 US cents/lb; +24.6% over 12 months [src-inv-cotton]. — Sources: Investing.com
Compressed bales (~227 kg US universal density) in containers, FOB origin or CFR/CIF Asian port [src-ice-cotton2]
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)
Logistics
Containerised bales, roughly 88-90 bales (~20 t) per 40 ft HC. Practitioner note.
Singapore note
Singapore hosts Asian merchandising offices of international cotton merchants serving South/Southeast Asian mills; no physical delivery or exchange role. Inference; not cited.
Regulatory note
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].
Questions a proposed specialist would clarify
Grade, staple length, micronaire and strength range required by the mill?
Origin (US/Brazil/Australia/West Africa) and Better Cotton/organic requirements?
How many containers per month and delivery term (CFR which port)?
Price basis: ICE No.2 or Cotlook A plus basis, in US cents/lb, fixed when?
Contamination, moisture and classing certificates required?
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.
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.
Boundary notes · keep visible
Limits of this reference
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.