Industry Definitions
TENDERABLE GRADES
Sometimes called DELIVERABLE GRADES. These refer to the actual grades which may be delivered under Exchange rules in settlement of a futures contract.
TENDERS
Notices announcing intention of tendering or delivering the actual commodity.
TICK
Minimum change in price, up or down.
TRADING ADVICE
A document that must be sent to a client immediately after each trade, confirming all details of that trade.
TREND
The general direction, either upward or downward, in which prices are moving.