Deliveries on Commodity Futures Contracts
Deliveries on futures contracts are widely thought to be relatively insignificant in amount; indeed, sizeable deliveries are taken to indicate problems in a futures market. In fact, deliveries on five of the largest, physical delivery, futures markets in the United States average approximately 10 percent of the maximum open interest in each delivery month. Analysis also demonstrated the value of the timing and location options often provided by contract specifications. One implication is that measures of market performance like hedging effectiveness are sensitive to the imbedded options' effects on prices. Copyright 1992 by The Economic Society of Australia.
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