COMEX, short for the Commodity Exchange, is a major futures and options exchange based in New York City. It primarily focuses on trading metals such as gold, silver, copper, and platinum. Traders use COMEX to hedge against price fluctuations and speculate on future price movements of these commodities. Established in 1933, COMEX is now part of the Chicago Mercantile Exchange Group. It plays a crucial role in the global commodities market, providing a platform for buyers and sellers to transact. The exchange's prices are often used as benchmarks for physical metal transactions worldwide.