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Actual

A physical, homogenous commodity underlying a contract. Actuals can be traded on the physical market and delivered immediately, or traded on the futures market and delivered at the completion of the contract. As such, actuals have an intrinsic value. Examples include oil, beef, and diamonds.
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actual

In commodities, the physical asset (that is, the commodity) as opposed to a futures contract on that asset.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.