Par

What is Par?

Par meaning (1) Refers to the standard delivery point(s) and/or quality of a commodity that is deliverable on a futures contract at contract price. Serves as a benchmark upon which to base discounts or premiums for varying quality and delivery locations; (2) in bond markets, an index (usually 100) representing the face value of a bond.

 

reference: U.S. COMMODITY FUTURES TRADING COMMISSION – CFTC Glossary