This is the minimum amount which is required to buy "x" number of lots of a particular commodity to trade in futures market.

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The spot silver price reflects what traders buy and sell silver for immediately, or on the spot. In contrast, the futures price reflects the price for silver delivered in later months. The spot ...

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Silver’s spot price is the price at which the precious metal can be bought or sold right now. That’s different from futures contracts, where you secure silver for delivery at a later date.