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Commodity Interview Questions & Answers - Learning Mode

Commodity Interview Questions & Answers - Learning Mode

A Commodity is a basic good used in commerce that is interchangeable with other commodities of the same type. Commodities are most often used as inputs in the production of other goods or services. The quality of a given commodity may differ slightly, but it is essentially uniform across producers. A physical substance, such as food, grains, and metals, which is interchangeable with another product of the same type, and which investors buy or sell, usually through futures contracts. The price of the commodity is subject to supply and demand. In contrast, one of the characteristics of a commodity good is that its price is determined as a function of its market as a whole. Well-established physical commodities have actively traded spot and derivative markets. Generally, these are basic resources and agricultural products such as iron ore, sugar, rice. Soft commodities are goods that are grown, while hard commodities are ones that are extracted through mining.

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Gold Trading Interview Questions & Answers (10) Learning Mode | Exam Mode

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Commodity Interview Questions & Answers - Learning Mode
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Question: What is ISIN in Commodity Market?

Answer: ISIN in commodity market is the Commodity Identification Number by which each commodity along with its specific details is uniquely represented. Source:
Question: What is CIF in Commodity Market?

Answer: CIF in commodity market means Cost, Insurance & Freight which is basically the transaction cost of doing a commodity trading. Source:
Question: What is F.A.O in Commodity Market?

Answer: F.A.O in commodity market is Food and Agriculture Organisation. Source:
Question: What is NNP in Commodity Market?

Answer: Net national product (NNP) refers to gross national product (GNP), i.e. the total market value of all final goods and services produced by the factors of production of a country or other polity during a given time period, minus depreciation.
The net national product (NNP) is the monetary value of finished goods and services produced by a country's citizens, whether overseas or resident, in the time period being measured (i.e., the gross national product, or GNP) minus the amount of GNP re Source:
Question: What is FREIGHTEX in Commodity Market?

Answer: FREIGHTEX in commodity market is an index on NCDEX that represents simple average of the freight rates per tonne across high-density routes for a distance of 1000 kilometers. Source:
Question: How is the futures contract defined?

Answer: Gold Pure Mumbai 1-Kg future contract expiring on 20th Mar, 2006 is defined as "NCD-FUT-GLDPURMUMK-20-MAR-2006". Wherein "NCD" stands for NCDEX, "FUT" stands for Futures as derivatives product, "GLDPURMUMK" for underlying commodity and "20-MAR-2006" for expiry date. Source:
Question: Is there any difference between the procedures of opening pool and beneficiary accounts?

Answer: Yes. Members of the Exchange can open a CM pool account with any of the DPs empanelled with NSEL. The Exchange issues a member ID intimation letter to the member, which has to be submitted along with the request for opening a CM Pool Account. Clients are required to submit their KYC documents for opening a beneficiary account. Source:
Question: What is Bandhani in Commodity Market?

Answer: Bandhani in commodity market is an Indian form of trading in which the contract price is not allowed to go beyond floor and ceiling prices, set on the first day, throughout the life of the contract, thus restricting excessive volatility. Source:
Question: What is Beneficiary Account in Commodity Market?

Answer: A beneficiary account is a Demat account in the name of an Individual (single or jointly). Such an account could also be in the name of a Corporate, a partnership firm, a society and a trust. It is similar to a bank account. This account is to be used for transacting in commodity balances held by the account holder at Exchange accredited warehouses. These commodity balances would have been - in a physical process set up - represented through a warehouse receipt. Source:
Question: Why invest in commodities?

Answer: Transparency and Fair Price Discovery: Trading in commodity futures is transparent and a process of fair price discovery is ensured through large-scale participation. The large participation also reflects views and expectations of a wider section of people concerned with that commodity. Online Platform: Producers, traders and processors, exporters/importers get an online platform through MCX / NCDEX for price risk management.

Hedging: It provides a platform for producers to hedge their po Source:
Question: What is Assayer in Commodity Market?

Answer: Assayer in commodity market is an authorized entity (person/institution) that certifies and grades the commodities that are delivered in exchange accredited warehouses. Source:
Question: What is Delivery notice in Commodity Market?

Answer: Delivery notice in commodity market is a notice of a clearing member's intention to deliver a stated quantity of a commodity in settlement of a short futures position. Source:
Question: What is GNP in a Commodity Market?

Answer: GNP in commodity market means Gross National Product. Gross national product (GNP) is a broad measure of a nation's total economic activity. GNP is the value of all finished goods and services produced in a country in one year by its nationals.

GNP is GDP, plus income from foreign sources, less income paid to foreign citizens and entities.
Question: What is AGDP in Commodity Market?

Answer: AGDP in commodity market means Agricultural Gross Domestic Product. Source:
Question: What is MCX in Commodity Market?

Answer: Multi Commodity Exchange of India is a de-mutualised online commodity exchange of India promoted by Financial Technologies (I) Ltd, SBI, Fidelity International, NSE, NABARD, HDFC Bk, SBI Life Insurance Co., Union Bank of India, Canara Bk, Bank of India, Bank of Baroda and Corporation Bank. Source:
Question: What is NAFED in Commodity Market?

Answer: National Agricultural Cooperative Marketing Federation of India Ltd (NAFED) is an apex organization of marketing cooperatives for agricultural produce in India, under Ministry of Agriculture, Government of India. It was founded in October 1958 to promote the trade of agricultural produce and forest resources across the nation. NAFED is now one of the largest procurement as well as marketing agencies for agricultural products in India. With its headquarters in New Delhi, NAFED as four regional of Source:
Question: What is Offer price in Commodity Market?

Answer: Offer price in commodity market is the lowest price at which a dealer is willing to sell a commodity. Source:
Question: What is OCEIL in Commodity Market?

Answer: Online Commodity Exchange India Ltd. is a national multi-commodity exchange located at Ahmedabad.

The Online Commodity Exchange India Ltd. (OCEIL), Ahmedabad, and the National Board of Trade (NBOT), Indore, have been given the status of National Multi-commodity Exchanges. While the NBOT had been trading in future contracts mainly in the Soya complex, the OCEIL is trading in the entire edible oil complex. Source:
Question: What is NCDEXRAIN in case of Commodity Market?

Answer: NCDEXRAIN is a rainfall index of NCDEX which tell us what percentage of cumulative normal expected rainfall (till the date of the index) it has actually rained taking into consideration average actual rainfall at both Colaba and Santa Cruz weather stations in Mumbai. Source:
Question: What is Close out price in Commodity Market?

Answer: Close out price in commodity market is the rate at which settlement of short delivery of commodities is completed. Source:

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Latest 20 Questions
Payment of time- barred debt is: (a) Valid (b) Void (c) Illegal (d) Voidable
Consideration is defined in the Indian Contract Act,1872 in: (a) Section 2(f) (b) Section 2(e) (c) Section 2(g) (d) Section 2(d)
Which of the following is not an exception to the rule, "No consideration, No contract": (a) Natural love and affection (b) Compensation for involuntary services (c) Completed gift (d) Agency
Consideration must move at the desire of: (a) The promisor (b) The promisee (c) The promisor or any other party (d) Both the promisor and the promisee
An offer which is open for acceptance over a period of time is: (a) Cross Offer (b) Counter Offer (c) Standing Offer (d) Implied Offer
Specific offer can be communicated to__________ (a) All the parties of contract (b) General public in universe (c) Specific person (d) None of the above
_________ amounts to rejection of the original offer. (a) Cross offer (b) Special offer (c) Standing offer (d) Counter offer
A advertises to sell his old car by advertising in a newspaper. This offer is caleed: (a) General Offer (b) Special Offer (c) Continuing Offer (d) None of the above
In case a counter offer is made, the original offer stands: (a) Rejected (b) Accepted automatically (c) Accepted subject to certain modifications and variations (d) None of the above
In case of unenforceable contract having some technical defect, parties (a) Can sue upon it (b) Cannot sue upon it (c) Should consider it to be illegal (d) None of the above
If entire specified goods is perished before entering into contract of sale, the contract is (a) Valid (b) Void (c) Voidable (d) Cancelled
______________ contracts are also caled contracts with executed consideration. (a) Unilateral (b) Completed (c) Bilateral (d) Executory
A offers B to supply books @ Rs 100 each but B accepts the same with condition of 10% discount. This is a case of (a) Counter Offer (b) Cross Offer (c) Specific Offer (d) General Offer
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There is no binding contract in case of _______ as one's offer cannot be constructed as acceptance (a) Cross Offer (b) Standing Offer (c) Counter Offer (d) Special Offer
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When an offer is made to the world at large, it is ____________ offer. (a) Counter (b) Special (c) General (d) None of the above
Implied contract even if not in writing or express words is perfectly _______________ if all the conditions are satisfied:- (a) Void (b) Voidable (c) Valid (d) Illegal
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