Commodity market in Sumer between 4500 BC and 4000 BC. Sumerians first used clay tokens sealed in a clay vessel, then clay writing tablets to represent the amount—for example, the number of goats, to be delivered. These promises of time and date of delivery resemble futures contract. Early civilizations variously used pigs, rare seashells, or other items as commodity money. Since that time traders have sought ways to simplify and standardize trade contracts. Gold and silver markets evolved in classical civilizations. At first the precious metals were valued for their beauty and intrinsic worth and were associated with royalty. In time, they
Commodity markets. The wide availability of commodities typically leads to smaller profit margins and diminishes the importance of factors (such as brand name) other than price. The word "commodity" came into use in English in the 15th century, from the French "commodité", "amenity, convenience". Going further back, the French word derives from the Latin "commoditas", meaning "suitability, convenience, advantage". The Latin word "commodus" (from which English gets other words including "commodious" and "accommodate") meant variously "appropriate", "proper measure, time, or condition", and "advantage, benefit". In economics, the term "commodity" is used specifically for economic goods or services that have full or