Deliveries
can be made at the ports of New York (at par) as well as Houston, New Orleans
and Miami; deliveries to the last three ports incur a discount or penalty of 125
points, or US$ 468.75 per 37,500 lb contract (100 points = US$ 0.01, i.e. 1
point = 1/100 cent). In Europe deliveries can be made at Antwerp, Bremen/Hamburg
and Barcelona*, subject again to a 125 point discount from the New York delivery
price. (* Effective with the March 2008 contract)
Delivery
months (or trading positions) are March, May, July, September and
December. Ten trading positions are always quoted, giving a two-year period. For
example: July 2004 (N04), September 2004 (U04), December 2004 (Z04), March 2005
(H05), May 2005 (K05), July 2005 (N05), September 2005 (U05), December 2005
(Z05), March 2006 (H06) and May 2006 (K06).
The first or nearest month is known as the current or
spot month. When months repeat, the further out positions are sometimes referred
to as red: in this example the March 2006 and May 2006 positions would be known
as red March and red May.
Tenderable growths
and differentials
Tenderable growths
|
Deliverable at
|
Costa Rica, El Salvador, Guatemala,
Honduras, Kenya, Mexico, Nicaragua, Panama, Papua New Guinea, Peru, Uganda,
United Republic of Tanzania
|
Basis or contract price
|
Colombia
|
Plus 200 points per pound
|
Burundi, India, Venezuela
|
Minus 100 points per pound
|
Rwanda*
|
Minus 300 points per pound
|
Dominican Republic, Ecuador
|
Minus 400 points per pound
|
Brazil**
|
Minus 900 points per pound
|
*Effective with the March 2013 expiration, the differential for Rwanda will be
minus 100 points
**Deliverable effective
with the March 2013 delivery expiration.