• Deliveries, delivery months, tenderable growths and differentials


    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 


    Plus 200 points per pound 

    Burundi, India, Venezuela 

    Minus 100 points per pound 


    Minus 300 points per pound 

    Dominican Republic, Ecuador 

    Minus 400 points per pound 


    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.
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