NickelSpot
The underlying instrument for NickelSpot is LME NICKEL FUTURE.
This underlying Futures product is trading at the London Metal Exchange. Nickel is one of the core element in the production of stainless steel and other alloys. The biggest producers of nickel are Indonesia, Philippines, and Russia. This Futures product allows traders to speculate/hedge the price movements of nickel.
Margin Requirements
To view current margin requirements, visit the below link:
Trading Hours
Please click here for trading hours. Please note, however, that hours are subject to change based on Daylight Savings Time. Any holiday hours will be posted here. NickelSpot is a spot product, so there is no expiration.
**Target Spread **
NickelSpot has a target spread of 20 pips/points
Max Contract Size
The maximum number of contracts per click (trade) for NickelSpot is 5000
Minimum Pip Cost (Value)
NickelSpot has a minimum value of $0.10 per point (Your per point value may be different if your account is denominated in a different currency. Please refer to the Simple Dealing Rates Window in Trading Station for this value). The pip/point location is shown in the diagram. Each 0.01 price movement on NickelSpot is 1 pip/point.
Number of FXCM Contracts to Equal 1 Future
37.5 FXCM NickelSpot contracts are currently equivalent to one LME NICKEL FUTURE.
Other Information
NickelSpot does not expire.
NickelSpot does have financing cost (Rollover). The calculation is as shown:
Long positions:
((4th Month Futures Price-3rd Month Futures Price)/(Total trading days of New Month Future) +Markup)×(-1)×point cost
Short positions:
((4th Month Futures Price-3rd Month Futures Price)/(Total trading days of New Month Future)-Markup)×point cost
Notes on the financing cost:
* FXCM's Markup is currently 10 cents, but subject to change.
* Point cost for one contract is 1.
* To account for holding a position into the weekend, there is a 3X rollover on Wednesdays.
There is no minimum stop distance on NickelSpot.
