How to close a Commodity (update closing or base price)

Created by Erik Åkerlund, Modified on Wed, 08 Nov 2023 at 01:12 PM by Teuvo Suoraniemi

When a commodity's closing price or base price is available either as fixed or average the commodity will turn up in commodity price view and will be shown on the widget Deals Action.

The logic for the different types when they are shown are as follows

Fixed for floating - At cash settlement date or after

Fixed for average - At Period End Date or after.

Average for floating - First time At Period End Date or after. Second time At cash settlement date or after

Note!

The selection in Deals Action should be on 'Maturity date To'. default is TODAY.

How to close a commodity:

1. Go to Deal Action> Commodity prices

2. Select the commodities you want to set the closing price for

3. If Fixed for Floating click on Automatic

The system will automatically set the cash price for the commodity and currency in 'Closing price' and calculate and show the 'Gain loss'.

4. If Fixed for Average use either automatic (system will calculate the average closing price based on each days Cash price) or manually ( -> a popup with all needed prices will appear and the average price can be entered manually).

5. If Average for Floating - click on Manual and set Average base price.

Note, in this case the automatic function does not work because the counterparties calculates the average differently.

6. Verify the Base Price and Base amount

7. click Save

8. To set Closing price, see bullet 3 above.