Chapter 9 – Commodities and energy markets

Commodities and energy markets – overview chains

Main chains

0#COMMOD – main chain for commodities.
0#ENERGY – main chain for energy.

From these chains you can double-click on any of the sections to drill down through chains to the required sector and product without needing to know a code.

Chain description – commodities

Chain	Description
`0#COMMOD`	Main chain for commodities; includes base/precious metals, grains, oilseeds and livestock.
`0#COMMOD/FUT`	LSEG commodities futures chain.
`0#COMMOD/CASH`	Cash Spot market prices chain.
`0#COMMOD/OPT`	LSEG commodity options chain.
`0#COMMOD/STATS`	LSEG commodity statistic chain.
`0#COMMOD/SPR`	LSEG commodity spread chain.
`0#COMMOD/IDX`	LSEG commodity index chain.
`0#COMMOD/MISC`	LME commodity miscellaneous chain.
`0#COMMOD/FRT`	LSEG freight chain.
`0#COMMOD/COMP`	LSEG composite tile chain.
`0#COMMOD/ATM`	TRC base metal ATM chain.

Chain description – energy

Chain	Description
`0#ENERGY`	Main chain for energy; codes for power, gas and oil cash prices, futures and news.
`0#ENERGY/FUT`	Energy futures chain.
`0#ENERGY/CASH`	Energy cash spot price chain.
`0#ENERGY/OPT`	Energy options chain.
`0#ENERGY/STATS`	Energy statistics chain.
`0#ENERGY/SPREAD`	Energy spread chain.
`0#ENERGY/IDX`	Energy index chain.
`0#ENERGY/FRT`	Energy freight chain.
`0#ENERGY/COMP`	Energy composite tile chain.
`0#ENERGY/ATM`	Energy ATM chain.
`0#ENERGY/ROLL`	Energy roll options chain.
`0#ENERGY/EQ`	Energy equities chain.
`0#ENERGY/STRIP`	Energy strips chain.
`0#ENERGY/SWAP`	Energy swaps chain.
`0#ENERGY/FST`	Energy stock forecasts.
`0#ENERGY=ICAP`	ICAP energy chain.
`0#PLATTS`	PLATTS commodity chain Coverage.
`0#WEATHER`	Weather chain.
`0#SHIPPING`	Energy shipping chain.
`0#TR-EN-US`	Energy xxx.

While the chains navigate to logical RICs (standard templates), the apps also point to page displays where multiple items of interest are also available and curated as a holistic view of various markets.

Start at 0#COMMOD (commodities) or 0#ENERGY (energy).
Double-click the appropriate chain to drill down (e.g. futures, cash, indices, stocks, spreads).

Use COMMODITIES and ENERGY apps for a structured index of commodities and energy RICs.

import lseg.data as ld
from lseg.data.discovery import Chain
from lseg.data.content import pricing
import datetime
import time
ld.open_session()


    <lseg.data.session.Definition object at 0x1f32a8388c0 {name='workspace'}>

df = ld.get_data('0#COMMOD',['LONGLINK1','LONGLINK2','LONGLINK3','LONGLINK4','LONGLINK5','LONGLINK6','LONGLINK7','LONGLINK8','LONGLINK9','LONGLINK10','LONGLINK11','LONGLINK12','LONGLINK13','LONGLINK14'])
df

	Instrument	LONGLINK1	LONGLINK2	LONGLINK3	LONGLINK4	LONGLINK5	LONGLINK6	LONGLINK7	LONGLINK8	LONGLINK9	LONGLINK10	LONGLINK11	LONGLINK12	LONGLINK13	LONGLINK14
0	0#COMMOD/CASH	0#APCMA	0#BASE/CASH	0#CNGOIC	0#ETHANOL/CASH	0#FIBRES/CASH	0#FREIGHT/CASH	0#GRAINS/CASH	0#LIVESTOCK/CASH	0#MINOR/CASH	0#OILSEEDS/CASH	0#PRECIOUS/CASH	0#SOFTS/CASH	0#VNM-COMM	0#MYSTEEL
1	0#COMMOD/FUT	0#BASE/FUT	0#PRECIOUS/FUT	0#GRAINS/FUT	0#OILSEEDS/FUT	0#SOFTS/FUT	0#FIBRES/FUT	0#LIVESTOCK/FUT	0#FREIGHT/FUT	0#EXCHANGE/DATES	0#WEATHER/FUT	0#IRONORE/FUT	<NA>	<NA>	<NA>
2	0#COMMOD/OPT	0#BASE/OPT	0#PRECIOUS/OPT	0#GRAINS/OPT	0#OILSEEDS/OPT	0#SOFTS/OPT	0#FIBRES/OPT	0#LIVESTOCK/OPT	0#POTATOES/OPT	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>
3	0#COMMOD/STATS	0#AGS-STAT-CN	0#BASE/STATS	0#CFTC	0#CMIE	0#EXPAGRIFLOWS	0#FIBRE-CN-EXIM	0#GRA-EU-STAT	0#GRAINS/STATS	0#GRAINS-CN-EXIM	0#ICE-COT-STX	0#OILSEEDS/STATS	0#ONIGC	0#PRECIOUS/STATS	0#SOFTS/STATS
4	0#COMMOD/SPR	0#BASE/SPR	0#PRECIOUS/SPR	0#GRAINS/SPR	0#OILSEEDS/SPR	0#SOFTS/SPR	0#FIBRES/SPR	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>
5	0#COMMOD/IDX	0#FREIGHT/IDX	0#GRAINS/IDX	0#FIBRES/IDX	0#GENCOM/IDX	0#METALS/IDX	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>
6	0#COMMOD/MISC	0#COMMOD/LME	0#COMMOD/EU	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>
7	0#COMMOD/FRT	0#GRAINS/FRT	0#SUGAR/FRT	0#COAL/FRT	0#ORE/FRT	0#INLAND/FRT	0#SSY	SHIP/PACKAGE	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>
8	0#COMMOD/COMP	COCWLD	COFWLD	SUGWLD	SUGGLOBE	GRAINGRAIN	GRAINGRAIN1	AGUSA	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>
9	0#COMMOD/ATM	0#BASE/ATM	0#PRECIOUS/ATM	0#GRAINS/ATM	0#OILSEEDS/ATM	0#SOFTS/ATM	0#FIBRES/ATM	0#LIVESTOCK/ATM	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>
10	0#COMMOD/ROLL	0#BASE/ROLL	0#PRECIOUS/ROLL	0#GRAINS/ROLL	0#OILSEEDS/ROLL	0#SOFTS/ROLL	0#FIBRES/ROLL	0#LIVESTOCK/ROLL	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>

So for any of these chains we can invoke a chain decoding for each to retrieve a long array of all underlying rics and then filter them to request further data such as price.

ch_1 = df['Instrument'][0]
ch_1


    '0#COMMOD/CASH'

list_ch1 = Chain(ch_1)

constituents = list_ch1.constituents
constituents

    ['0#APCMA',
     '0#BASE/CASH',
     '0#CNGOIC',
     '0#ETHANOL/CASH',
     '0#FIBRES/CASH',
     '0#FREIGHT/CASH',
     '0#GRAINS/CASH',
     '0#LIVESTOCK/CASH',
     '0#MINOR/CASH',
     '0#OILSEEDS/CASH',
     '0#PRECIOUS/CASH',
     '0#SOFTS/CASH',
     '0#VNM-COMM',
     '0#MYSTEEL']

So we can see here there are further chains included we could go down the heirarchy to navigate these - but we can also create routine to do this for us. Remember each of these chains may have RICs or contain other chains - which would need to be decoded.

total = len(constituents)
collection = []
inaccessible_chains = []
start_time = time.time()

def expand_chain_tree(constituents, level=0):
    global total, collection
    
    if isinstance(constituents, list): 
        
        # Iterate through the constituent list...
        for idx, constituent in enumerate(constituents, start=1):
            
            # Make sure the constituent node is a nested chain...
            if constituent.startswith("0#"):
                # Print progress...
                if level == 0: print(f"\rProcessing chain {idx} of {total}...", end="", flush=True)
                
                # Recursive call to expand nested chain...
                #nested_chain = Chain(constituent)
                nested_chain = pricing.chain.Definition(constituent).get_stream()
                nested_chain.open(with_updates=False)
                nested_chain.close()

                if nested_chain.is_chain:
                    expand_chain_tree(nested_chain.constituents, level+1)
                else:
                    inaccessible_chains.append(constituent)
            else:
                collection.append(constituent)

    if level == 0:
        print(f"\nCompleted in {time.time() - start_time:.2f} seconds")
        print(f"Found a total of {len(collection)} constituents and {len(inaccessible_chains)} inaccessible chain records")

expand_chain_tree(constituents)

Processing chain 14 of 14... Completed in 639.73 seconds Found a total of 7574 constituents and 213 inaccessible chain records

So we now have a list of constituents in a collection as well as a list of errors or chains we were not able to decode

collection[:5]

    ['W-CADVDRUE-P1', 'W-CADVDRUE-P2', 'W-CADVDRUE-P3', 'W-CALPC-P1', 'W-CALPC-P3']

inaccessible_chains[:5]

    ['0#FODDER-CA', '0#DAIRY-CA', '0#ALFALFA-CA', '0#CEP-OC', '0#AOC-OC']

Cash instruments

Commodities and energy RICs cover a wide variety of markets, so the best way to find data on instruments is to use the chains and speed-guides (see above).

RICs for cash instruments can be up to 15 alphanumeric characters long.

Typically they consist of up to three main components, separated by a delimiter:

RICroot  Type/Specification/Delivery  Location

RIC root – mnemonic indicating the physical instrument.
- Usually one to four alphanumeric characters.
- Often the same root as the futures market commodity code (for example, LH for live hogs).
- In some energy instruments, the specification is used as the RIC root to avoid long codes:
  - Example: BK180-ANT – 180 centistoke bunker fuel.
Type / specification / delivery – up to eight alphanumeric characters.
- Individual elements are optional but at least one must be present.
- Order of precedence:
  - Type.
  - Specification.
  - Delivery.

Tip: Specification pages are available for many specialist or complex cash prices.

For commodities select COMMSPECSA page.

For energy select ENGSPECA page.

Location – specifies the location or source of the physical commodity.
- Two-character ISO codes for countries.
- Three-character ISO codes for cities (where applicable).
- Other abbreviations are standard across RICs (for example W for White, DLY for daily, D for day as in “15-day average”).

In addition to ISO region/city codes, the following codes are used:

Commodity codes

Code	Commodity
`PEP`	Pepper
`SUG`	Sugar
`CC`	Cocoa
`COF`	Coffee
`RUB`	Rubber
`TEA`	Tea

Example:

PEP is the root code for pepper.

These RIC structures are used for heavily traded cash instruments. Lightly traded instruments may not follow this format.

If in doubt, use the apps (such as COMMODITIES or ENERGY) to drill down to the instrument you need.

Region / city codes (examples)

Code	Region/city
`CAR`	Caribbean
`EURO`	European
`BE`	Bremen, Germany
`SAN`	Santos, Brazil
`PA`	Palembang, Sumatra
`LA`	Lampung, Sumatra
`TP`	T Priok, Indonesia
`SU`	Surabaya, Indonesia
`UP`	U Pandang, Indonesia
`LATAM`	Latin America

Code	Region/city
`AMER`	North, South & Central America
`AFR`	Africa
`INDO`	Indonesia
`PO`	Pontianak, Indonesia
`NIN`	North India
`SIN`	South India
`NE`	Nuwa Eliya, Sri Lanka
`SUM`	Sumatra
`JAV`	Java
`GUW`	Guwahati, India

Cash commodities chains

Chains provide a way of navigating directly from a high level down to specific detail.

You don’t need to know a RIC or any other code because there is a simple description at each stage.

Example – London cash price for coffee:

Type 0#COMMOD for the main commodities chain.
Double-click 0#COMMOD/CASH.
In 0#COMMOD/CASH, double-click chains to drill further down until you reach the required instrument.

Typical navigation:

0#COMMOD – main commodities chain.
0#COMMOD/CASH – commodities physicals.
0#SOFTS/CASH – softs physicals.
0#EUCOFFEE/CASH – European coffee.
0#EUCOFFEE-LDN – coffee London.

This presents a list of quotes – double-click the desired description to see the quote displayed in standard format.

RICs for commodity chains

Chain RICs usually have two parts:

Commodity code.
Source / type indicator.

Note:

The commodity code for cash chains is not always the same as the root code for the full quote.
Example: root code for sugar is SUG, but the cash chain code is 0#SUGAR.

The best way to find out is to use the Commodity App.

General structure:

CommodityCode-RegionOrMarketCode

Examples to type into the Workspace Launcher bar:

COF-ARABICA – global Arabica coffee.
SUGAR – Agriculture Sugar App.

Energy cash price chains

Energy cash chains work in the same way as commodities.

Start at 0#ENERGY.

Example – spot price for jet fuel at New York Harbor:

0#ENERGY – main energy chain.
0#ENERGY/CASH – energy physicals.
0#PRODUCTS/CASH – products cash.
0#P-NYH – US products New York Harbor.

This displays a list of quotes – double-click on JET FUEL NYH Prompt.

RICs for energy cash chains

Example regional code structure:

0#P-HKG – cash oil product in Hong Kong.

You can view lists of available root codes via chains:

0#C-A – crudes, Asia.
0#P-A – products, Asia.
0#C-E – crudes, Europe.
0#P-E – products, Europe.
0#C-N – crudes, North America.
0#P-N – products, North America.

df1 = ld.get_data('0#ENERGY',['LONGLINK1','LONGLINK2','LONGLINK3','LONGLINK4','LONGLINK5','LONGLINK6','LONGLINK7','LONGLINK8','LONGLINK9','LONGLINK10','LONGLINK11','LONGLINK12','LONGLINK13','LONGLINK14'])
df1

	Instrument	LONGLINK1	LONGLINK2	LONGLINK3	LONGLINK4	LONGLINK5	LONGLINK6	LONGLINK7	LONGLINK8	LONGLINK9	LONGLINK10	LONGLINK11	LONGLINK12	LONGLINK13	LONGLINK14
0	0#ENERGY/CASH	0#CRUDE/CASH	0#PRODUCTS/CASH	0#ELECTRIC/CASH	0#EMISSIONS/CASH	0#NATGAS/CASH	0#COAL/CASH	0#WEATHER/CASH	0#RENEWABLE	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>
1	0#ENERGY/FUT	0#CRUDE/FUT	0#PRODUCTS/FUT	0#ELECTRIC/FUT	0#EMISSIONS/FUT	0#NATGAS/FUT	0#COAL/FUT	0#WEATHER/FUT	0#EXCHANGE/DATES	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>
2	0#ENERGY/OPT	0#CRUDE/OPT	0#COAL/OPT	0#PRODUCTS/OPT	0#ELECTRIC/OPT	0#EMISSIONS/OPT	0#NATGAS/OPT	0#WEATHER/OPT	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>
3	0#ENERGY/STATS	0#CRUDE/STATS	0#PRODUCTS/STATS	0#ELECTRIC/STATS	0#NATGAS/STATS	0#COAL/STATS	0#OILARB-STATS	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>
4	0#ENERGY/SPREAD	0#CRUDE/SPREAD	0#PRODUCTS/SPREAD	0#ELECTRIC/SPREAD	0#EMISSION/SPREAD	0#NATGAS/SPREAD	0#COAL/SPREAD	0#WEATHER/SPREAD	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>
5	0#ENERGY/IDX	0#CRUDE/IDX	0#PRODUCTS/IDX	0#ELECTRIC/IDX	0#EMISSIONS/IDX	0#NATGAS/IDX	0#COAL/IDX	0#WEATHER/IDX	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>
6	0#ENERGY/FRT	0#DIRTY/FRT	0#CLEAN/FRT	0#BARGE/FRT	0#DRY/FRT	0#ARB/FRT	0#FFA	SHIP/PACKAGE	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>
7	0#ENERGY/COMP	CRDWLD	CRUDESWAP/EU	CRUDESWAP/US	CRUDESWAP/WLD	GSLWLD	IPEOIL	NEWOILOIL	NGSWAP/EU	NGSWAP/US	NYMAXS	NYMNRGFUT/VOI	NYMOIL	OILARB	OILOIL
8	0#ENERGY/ATM	0#CRUDE/ATM	0#PRODUCTS/ATM	0#ELECTRIC/ATM	0#NATGAS/ATM	0#WEATHER/ATM	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>
9	0#ENERGY/ROLL	0#CRUDE/ROLL	0#PRODUCTS/ROLL	0#NATGAS/ROLL	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>
10	0#ENERGY/EQ	0#ENGTOP	0#ENGEQN	0#ENGEQE	0#ENGEQA	0#ENGALL	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>
11	0#ENERGY/STRIP	0#CRUDE/STRIPS	0#PRODUCT/STRIPS	0#ELECTRIC/STRIPS	0#EMISSION/STRIP	0#NATGAS/STRIPS	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>
12	0#ENERGY/SWAP	0#CRUDE/SWAP	0#PRODUCTS/SWAP	0#ELECTRIC/SWAPS	0#NATGAS/SWAPS	0#COAL/SWAPS	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>
13	0#ENERGY/FST	0#ENSTX-FST	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>
14	0#ICAP	0#ENERGY=ICAP	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>
15	0#PLATTS	0#COAL=PLT	0#ELEC=PLT	0#METALS=PLT	0#NATGAS=PLT	0#OIL-BUNK=PLT	0#OIL-CRUDE=PLT	0#OIL-INTDAY=PLT	0#OIL-NETBK=PLT	0#OIL-PROD=PLT	0#OIL-YIELD=PLT	0#OIL-INDEX=PLT	0#FWD-CURVE=PLT	0#BIOFUELS=PLT	0#PETCHEMS=PLT
16	0#WEATHER	0#WEATHER/CASH	0#WEATHER/FUT	0#WEATHER/OPT	0#WEATHER/ATM	0#WEATHER/SPREAD	0#WEATHER/STAT	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>
17	0#SHIPPING	0#SHIPPING/CASH	0#SHIPPING/FUT	0#SHIPPING/INDEX	0#SHIPPING/SWAPS	0#SHIPPING/STATS	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>
18	0#TR-EN-US	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>

ch_2 = df1['Instrument'][0]
ch_2

    '0#ENERGY/CASH'

list_ch2 = Chain(ch_2)

constituents_1 = list_ch2.constituents
constituents_1

    ['0#CRUDE/CASH',
     '0#PRODUCTS/CASH',
     '0#ELECTRIC/CASH',
     '0#EMISSIONS/CASH',
     '0#NATGAS/CASH',
     '0#COAL/CASH',
     '0#WEATHER/CASH',
     '0#RENEWABLE']

expand_chain_tree(constituents_1)

    Processing chain 8 of 14...
    Completed in 1374.88 seconds
    Found a total of 42240 constituents and 302 inaccessible chain records

Location codes for energy contracts (examples)

Code	Location
`A`	Asia
`AFR`	Africa
`AG`	Arabian Gulf
`ARA`	Amsterdam–Rotterdam–Antwerp
`BKK`	Bangkok
`CA`	Canada
`E`	Europe
`G3`	Group 3
`HKG`	Hong Kong
`IN`	Inland Rhine Market
`KOR`	South Korea
`LA`	Los Angeles
`MC`	US Mid-continent

Code	Location
`MED`	Mediterranean
`N`	US
`NVA`	Norfolk, Virginia
`NWE`	North West Europe
`NYH`	New York Harbor
`PNW`	Pacific Northwest
`SF`	San Francisco
`SIN`	Singapore
`TWN`	Taiwan Kaohsiung
`TYO`	Tokyo (Tokyo–Yokohama–Osaka)
`USG`	US Gulf
`WC`	US West Coast

Type code structure

Examples to type into the Workspace Launcher bar:

BRT- – cash Brent oil (BRT is the type code).

These RIC structures are used for heavily traded cash instruments. Lightly traded instruments may not follow this format.

If in doubt, use the Apps (such as COMMODS or ENERGY) to drill down to the instrument you need.

More examples

To illustrate structure and diversity, commodities and energy markets can be grouped into sub-sectors:

Metals

METALS – main metals App (base, precious and minor).
LME/INDEX – London Metal Exchange index page.
0#BASE – base metals chain.
0#MINOR – minor metals chain.
0#PREC – precious metals chain.
AGRI - main agriculture App

'Grains'

GRAINS – grain app.
0#WHEAT-HARD-US – US hard wheat chain.

Oilseeds / Meals / Feeds

OILMEALFEED – Oilseeds/Meals/Feeds app.
0#CNUT-AFR – France coconut.

Softs

SOFTS – Soft commodities app.
SUGAR – Sugar guide.
0#SUGAR – Sugar chain.
COFFEE – Coffee guide.
0#COFFEE – Coffee chain.
COCOA – Cocoa guide.
0#COCOA – Cocoa chain.
COTTON – Cotton guide.
0#COTTON – Cotton chain.
RUBBER – Rubber guide.
0#RUBBER/CASH – Rubber Cash chain.
TEA – Tea guide.
0#TEA/CASH – Tea Cash chain.
0#ASTEA-DHA – Dhaka weekly tea auction prices.

Livestock / Meat / Seafood

LIVESTOCK – Livestock App
HOGS – Hogs main menu.

Energy

ENERGY – Energy app.
ETRANSITION – Energy Transition.

Oil

OIL – general oil overview.
OILOIL – IPE/NYMEX futures composite display.

Gas

0#TRGBPc – United Kingdom natural gas.

Power

POWER – Main Power App.
POWNORD – Nordpool information and index pages (EL/NORDIC).
NAPOWER/PRICES1 – North American power index page.

Coal

FSAPI2GBMc1 – United Kingdom Coal

Carbon

CARBON – Carbon App

Metals Production Database (MPD)

The Metals Production Database (MPD) provides historical and projected figures for all known base-metal operations worldwide.

Simple web interface enables you to drill down quickly from a world view to a specific mine, refinery, smelter, etc.

To view the home page:

http://mpd.session.rservices.com

Field names for quote lists

If you want to set up a quote list in Excel, these are the most commonly used fields for commodities and energy.

Field	Data Item Name	FID number	Workspace Data Item Code
Product name	DISPLAY NAME	3	`DSPLY_NAME`
Bid	BID	22	`BID`
Offer	ASK	25	`ASK`
Today’s high	TODAY’S HIGH	12	`HIGH_1`
Today’s low	TODAY’S LOW	13	`LOW_1`
Volume	VOL ACCUMULATED	21	`ACVOL_1`

In brief: commodities and energy markets

There are many different types of code in these markets.
One way to check how RICs are constructed for a particular sector is to use the examples above.

For cash instruments, the structure is normally:

RICroot  Type/Specification/Delivery  Location

Example:

WHEAT-HARD-US – US hard wheat chain.

The best way of finding RICs is via:

Speed-guides: start at COMMOD or ENERGY.
Chains: start at COMMOD or ENERGY.

Futures and options in commodities and energy follow the generic futures and options structure described in the corresponding chapters.

LSEG Commodity Poll Chain ['0#COMMODPOLL']

LSEG provides detailed polls on commodities - for Oil, Metals, Natural Gas, CCIM,

df1 = ld.get_data('0#COMMODPOLL',['LONGLINK1','LONGLINK2','LONGLINK3','LONGLINK4','LONGLINK5','LONGLINK6','LONGLINK7','LONGLINK8','LONGLINK9','LONGLINK10','LONGLINK11','LONGLINK12','LONGLINK13','LONGLINK14'])
df1

	Instrument	LONGLINK1	LONGLINK2	LONGLINK3	LONGLINK4	LONGLINK5	LONGLINK6	LONGLINK7	LONGLINK8	LONGLINK9	LONGLINK10	LONGLINK11	LONGLINK12	LONGLINK13	LONGLINK14
0	0#OILPOLL	0#LCOPOLL:	0#LCOPOLLc	0#CLPOLL:	0#CLPOLLc	0#LCOPOLLCTB:	0#CLPOLLCTB:	OILPOLL/INFO	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>
1	0#METALPOLL	0#BASEMETALPOLL	0#PRECMETALPOLL	METALPOLL/INFO	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>
2	0#NATGASPOLL	0#HENRYHUBPOLL	NATGASPOLL/INFO	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>
3	0#CCIMPOLL	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>
4	COMMODPOLL/INFO	COMMODPOLL01	COMMODPOLL02	COMMODPOLL03	COMMODPOLL04	COMMODPOLL05	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>

Again we can simply decode any or all the chains we are interest in using the function we created previously.

ch_2 = df1['Instrument'][0]
ch_2

    '0#OILPOLL'

list_ch2 = Chain(ch_2)

constituents = list_ch2.constituents
constituents

['0#LCOPOLL:', '0#LCOPOLLc', '0#CLPOLL:', '0#CLPOLLc', '0#LCOPOLLCTB:', '0#CLPOLLCTB:', 'OILPOLL/INFO']

expand_chain_tree(constituents)

Processing chain 6 of 14... Completed in 1408.42 seconds Found a total of 43645 constituents and 304 inaccessible chain records

collection[:5]

    ['W-CADVDRUE-P1', 'W-CADVDRUE-P2', 'W-CADVDRUE-P3', 'W-CALPC-P1', 'W-CALPC-P3']

inaccessible_chains[:5]

    ['0#FODDER-CA', '0#DAIRY-CA', '0#ALFALFA-CA', '0#CEP-OC', '0#AOC-OC']

LSEG Commodity Volume and Open Interest Main Chain

We provide volume and open interest chain for a range of LME and EU instruments:

df5 = ld.get_data(['0#COMMOD/MISC'],['LONGLINK1','LONGLINK2','LONGLINK3','LONGLINK4','LONGLINK5','LONGLINK6','LONGLINK7','LONGLINK8','LONGLINK9','LONGLINK10','LONGLINK11','LONGLINK12','LONGLINK13','LONGLINK14'])
df5

	Instrument	LONGLINK1	LONGLINK2	LONGLINK3	LONGLINK4	LONGLINK5	LONGLINK6	LONGLINK7	LONGLINK8	LONGLINK9	LONGLINK10	LONGLINK11	LONGLINK12	LONGLINK13	LONGLINK14
0	0#COMMOD/LME	0#NICKEL/LME	0#ALUMINIUM/LME	0#ALLOY/LME	0#COPPER/LME	0#LEAD/LME	0#TIN/LME	0#ZINC/LME	0#FX/LME	0#MISC/LME	<NA>	<NA>	<NA>	<NA>	<NA>
1	0#COMMOD/EU	0#COMMOD/TAX	0#COMMOD/REF	0#COMMOD/COR	0#COMMOD/CRY	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>	<NA>

Import Tariffs Chain

Formulae

Where r(av) is the ad valorem rate and s is the specific duty per metric tonne.

We also compute the preferential duty (applicable under a qualifying trade agreement) and the duty saving it generates.

ch_3='0#COMMOD/TAX'
list_ch3 = Chain(ch_3)

constituents = list_ch3.constituents
constituents

    ['IM-DURM-P1',
     'IM-DURM-P2',
     'IM-COMWHI-P1',
     'IM-COMWHI-P2',
     'IM-COMWMED-P1',
     'IM-COMWMED-P2',
     'IM-COMWLOW-P1',
     'IM-COMWLOW-P2',
     'IM-BAR-P1',
     'IM-BAR-P2',
     'IM-MAZ-P1',
     'IM-MAZ-P2',
     'IM-SORG-P1',
     'IM-SORG-P2',
     'IM-RYE-P1',
     'IM-RYE-P2']

expand_chain_tree(constituents)

    Completed in 1410.14 seconds
    Found a total of 43661 constituents and 304 inaccessible chain records

collection[:5]

    ['W-CADVDRUE-P1', 'W-CADVDRUE-P2', 'W-CADVDRUE-P3', 'W-CALPC-P1', 'W-CALPC-P3']

inaccessible_chains[:5]

    ['0#FODDER-CA', '0#DAIRY-CA', '0#ALFALFA-CA', '0#CEP-OC', '0#AOC-OC']

Commods Refunds

A duty refund (also called duty drawback) arises when goods on which duty was paid are subsequently:

Returned to the exporter / re-exported
Re-valued — e.g. the declared customs value was later corrected downward

Refund formulae

Refund Formulae

The refundable amount cannot exceed the original duty paid.

ch_4='0#COMMOD/REF'
list_ch4 = Chain(ch_4)

constituents = list_ch4.constituents
constituents

    ['W-EUREF-MAIN', 'BLY-EUREF-MAIN']

expand_chain_tree(constituents)

    Completed in 1410.40 seconds
    Found a total of 43663 constituents and 304 inaccessible chain records

collection[:5]

    ['W-CADVDRUE-P1', 'W-CADVDRUE-P2', 'W-CADVDRUE-P3', 'W-CALPC-P1', 'W-CALPC-P3']

inaccessible_chains[:5]

    ['0#FODDER-CA', '0#DAIRY-CA', '0#ALFALFA-CA', '0#CEP-OC', '0#AOC-OC']

Correctives

Correctives arise when a previously submitted customs declaration contained an error and must be amended. Common corrective scenarios:

Corrective type	Trigger	Effect
Under-declaration	Customs value was stated too low	Additional duty owed
Over-declaration	Customs value was stated too high	Duty credit / refund
Classification error	Wrong commodity code used (different rate)	Duty difference (positive or negative)
Rate correction	Wrong tariff rate applied	Duty difference

Corrective formula

A positive corrective means additional duty is owed; a negative corrective means a credit is due.

ch_5='0#COMMOD/COR'
list_ch5 = Chain(ch_5)

constituents = list_ch5.constituents
constituents

    ['DUR-EUCORR-P1',
     'DUR-EUCORR-P2',
     'DUR-EUCORR-P3',
     'DUR-EUCORR-P4',
     'DUR-EUCORR-P5',
     'DUR-EUCORR-P6',
     'DUR-EUCORR-P7',
     'SRW-EUCORR-P1',
     'SRW-EUCORR-P2',
     'SRW-EUCORR-P3',
     'SRW-EUCORR-P4',
     'SRW-EUCORR-P5',
     'SRW-EUCORR-P6',
     'SRW-EUCORR-P7',
     'SRW-EUACP-P1',
     'SRW-EUACP-P2',
     'SRW-EUACP-P3',
     'SRW-EUACP-P4',
     'SRW-EUACP-P5',
     'SRW-EUACP-P6',
     'SRW-EUACP-P7',
     'FBL-EUC600-P1',
     'FBL-EUC600-P2',
     'FBL-EUC600-P3',
     'FBL-EUC600-P4',
     'FBL-EUC600-P5',
     'FBL-EUC600-P6',
     'FBL-EUC600-P7',
     'FBL-EUC900-P1',
     'FBL-EUC900-P2',
     'FBL-EUC900-P3',
     'FBL-EUC900-P4',
     'FBL-EUC900-P5',
     'FBL-EUC900-P6',
     'FBL-EUC900-P7',
     'FBL-EUC1100-P1',
     'FBL-EUC1100-P2',
     'FBL-EUC1100-P3',
     'FBL-EUC1100-P4',
     'FBL-EUC1100-P5',
     'FBL-EUC1100-P6',
     'FBL-EUC1100-P7',
     'FBL-EUC1650-P1',
     'FBL-EUC1650-P2',
     'FBL-EUC1650-P3',
     'FBL-EUC1650-P4',
     'FBL-EUC1650-P5',
     'FBL-EUC1650-P6',
     'FBL-EUC1650-P7',
     'FBL-EUC1900-P1',
     'FBL-EUC1900-P2',
     'FBL-EUC1900-P3',
     'FBL-EUC1900-P4',
     'FBL-EUC1900-P5',
     'FBL-EUC1900-P6',
     'FBL-EUC1900-P7',
     'BLY-EUCORR-P1',
     'BLY-EUCORR-P2',
     'BLY-EUCORR-P3',
     'BLY-EUCORR-P4',
     'BLY-EUCORR-P5',
     'BLY-EUCORR-P6',
     'BLY-EUCORR-P7',
     'RYE-EUCORR-P1',
     'RYE-EUCORR-P2',
     'RYE-EUCORR-P3',
     'RYE-EUCORR-P4',
     'RYE-EUCORR-P5',
     'RYE-EUCORR-P6',
     'RYE-EUCORR-P7',
     'OAT-EUCORR-P1',
     'OAT-EUCORR-P2',
     'OAT-EUCORR-P3',
     'OAT-EUCORR-P4',
     'OAT-EUCORR-P5',
     'OAT-EUCORR-P6',
     'OAT-EUCORR-P7',
     'MAZ-EUCORR-P1',
     'MAZ-EUCORR-P2',
     'MAZ-EUCORR-P3',
     'MAZ-EUCORR-P4',
     'MAZ-EUCORR-P5',
     'MAZ-EUCORR-P6',
     'MAZ-EUCORR-P7']

expand_chain_tree(constituents)

    Completed in 1527.58 seconds
    Found a total of 43831 constituents and 304 inaccessible chain records

collection[:5]

    ['W-CADVDRUE-P1', 'W-CADVDRUE-P2', 'W-CADVDRUE-P3', 'W-CALPC-P1', 'W-CALPC-P3']

inaccessible_chains[:5]

    ['0#FODDER-CA', '0#DAIRY-CA', '0#ALFALFA-CA', '0#CEP-OC', '0#AOC-OC']

We can discover realtime fields:

ch_6='0#OILPOLL'
list_ch6 = Chain(ch_6)

constituents = list_ch6.constituents
expand_chain_tree(constituents)

    Processing chain 6 of 14...
    Completed in 1561.71 seconds
    Found a total of 45236 constituents and 306 inaccessible chain records

collection[:5]

    ['W-CADVDRUE-P1', 'W-CADVDRUE-P2', 'W-CADVDRUE-P3', 'W-CALPC-P1', 'W-CALPC-P3']

inaccessible_chains[:5]

    ['0#FODDER-CA', '0#DAIRY-CA', '0#ALFALFA-CA', '0#CEP-OC', '0#AOC-OC']

ld.get_data('LCOPOLLQM6','TR.Description')

	Instrument	Instrument Description
0	LCOPOLLQM6	Brent Quarterly Forecast Jun 2026

ld.get_history('LCOPOLLQM6')

LCOPOLLQM6	STD_DEV	FCAST_HIGH	FCAST_LOW	FCAST_MODE	FCAST_MEDN	RTR_POLL	FCAST_MEAN	FCAST_NUM
Date
2025-06-30	5.48	75.0	55.0	65	65.0	64.54	64.54	34
2025-07-31	5.24	73.81	54.25	60	63.0	62.98	62.98	32
2025-08-29	5.06	70.0	54.25	60	60.0	62.19	62.19	27
2025-09-30	4.1	70.0	55.0	65	63.54	62.89	62.89	28
2025-10-31	4.31	70.0	55.0	65	63.0	62.19	62.19	32
2025-11-28	3.85	70.0	54.0	65	63.0	61.85	61.85	31
2025-12-31	3.75	66.65	52.0	63	61.0	60.45	60.45	31
2026-01-30	3.51	70.75	55.0	62	62.0	61.53	61.53	30
2026-02-27	3.91	70.75	55.0	65	63.75	63.63	63.63	34
2026-03-31	15.48	125.0	59.0	100	97.54	95.33	95.33	36
2026-04-30	12.19	125.0	59.0	100	100.0	99.95	99.95	32
2026-05-29	9.81	117.25	78.4	100	103.0	102.66	102.66	28

ld.close_session()

Commodities and energy markets – overview chains​

Main chains​

Chain description – commodities​

Chain description – energy​

Navigation by chains​

Navigation by Apps​

So for any of these chains we can invoke a chain decoding for each to retrieve a long array of all underlying rics and then filter them to request further data such as price.​

So we can see here there are further chains included we could go down the heirarchy to navigate these - but we can also create routine to do this for us. Remember each of these chains may have RICs or contain other chains - which would need to be decoded.​

So we now have a list of constituents in a collection as well as a list of errors or chains we were not able to decode​

Cash instruments​

Commodity codes​

Region / city codes (examples)​

Cash commodities chains​

RICs for commodity chains​

Energy cash price chains​

RICs for energy cash chains​

Location codes for energy contracts (examples)​

Type code structure​

More examples​

Metals​

'Grains'​

Oilseeds / Meals / Feeds​

Softs​

Livestock / Meat / Seafood​

Energy​

Oil​

Gas​

Power​

Coal​

Carbon​

Metals Production Database (MPD)​

Field names for quote lists​

In brief: commodities and energy markets​

LSEG Commodity Poll Chain ['0#COMMODPOLL']​

LSEG provides detailed polls on commodities - for Oil, Metals, Natural Gas, CCIM,​

Again we can simply decode any or all the chains we are interest in using the function we created previously.​

LSEG Commodity Volume and Open Interest Main Chain​

Import Tariffs Chain​

Formulae​

Commods Refunds​

Refund formulae​

Correctives​

Corrective formula​

We can discover realtime fields:​