What is COMEX?

COMEX is the abbreviation for The Commodity Exchange Inc. COMEX is the world’s most extensive futures and options trading market for metals. Metals that trade on COMEX include gold, silver, platinum, palladium, copper, steel, and aluminum. In 1994, it merged with the New York Mercantile Exchange (NYMEX) to create the largest commodity exchange platform. In 2008,  COMEX and NYMEX were bought by the Chicago Mercantile Exchange (CME) Group, which still manages the exchanges today. Most metals futures are traded on the exchange, but rarely will the trader receive delivery. The COMEX also determines the spot price of metals like gold and silver based on futures trading.