Basis: Basis is the difference between the current cash price of a commodity and the futures price of the same commodity. In more details, the Basis is the difference between the spot or cash price of a commodity and the price of the nearest futures contract for the same or a related commodity. Basis is usually computed in relation to the futures contract next to expire and may reflect different time periods, product forms, grades, or locations.
Buyer: Buyer is a market participant (trader/investor) who takes a long futures position or buys an option. An option buyer is also called a taker, holder, or owner.
Cash Price: cash Price is the price in the marketplace for actual cash or spot commodities to be delivered via customary market channels.
CIF: CIF is the cost, insurance, and freight paid to a point of destination and included in the price quoted.
Futures: Futures (also called Futures Contract) is a legally binding agreement to buy or sell a commodity or financial instrument at a later date. Futures contracts are normally standardized according to the quality, quantity, delivery time and location for each commodity, with price as the only variable.
Quotation: Quotation is the actual price or the bid or ask price of either cash commodities or futures or options contracts at a particular time.
Range: Range is the difference between the high and low price of a commodity, futures, or option contract during a given period (trading session, week, month, year, etc).
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Naked options trading is very risky - many people lose money trading them. It is recommended contacting your broker or investment professional to find out about trading risk and margin requirements before getting involved into trading uncovered options.