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The term spot refers to the actual or physical commodity involved in trade, also known as a "cash" commodity.
The spot market is a market in which cash transactions occur. Products such as cattle, currencies or stocks are bought and sold for cash and delivered immediately  as opposed to an agreement to make a transaction some time in the future.
- ↑ CME: Glossary of Terms. CME.
- ↑ Spot Market Definition. LSE.