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.