Meaning of “spot market” in the English Dictionary

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"spot market" in Business English

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spot marketnoun [ C ]

uk us also cash market, also spot cash market

FINANCE, MONEY a market for currencies or commodities in which they are sold and given to the buyer immediately, rather than being sold forward (= to be taken on a future date):

Crude oil prices fell to just over $26 a barrel yesterday on New York's spot markets.

(Definition of “spot market” from the Cambridge Business English Dictionary © Cambridge University Press)