assay Hear it!

assay definition - finance
The process of testing a metal or an oil for its purity or quality. The term is often used in the context of metal and energy products that are delivered against futures contracts on futures exchanges and which have to meet certain minimum requirements.

Webster's New World Finance and Investment Dictionary Copyright © 2003 by Wiley Publishing, Inc., Indianapolis, Indiana.
Used by arrangement with John Wiley & Sons, Inc.

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