An option with intrinsic value. A call option is in-the- money if its strike price is below the current price of the underlying futures contract and a put option is in-the-money if it is above the underlying.
Rule number one : most things will prove to be cyclical
Rule number two : some of the greatest opportunities for gain and loss come when other people forget rule number one
The month in which delivery is to be made in accordance with the terms of the futures contract. Also referred to as Delivery Month.