1 A wholesaler, especially of groceries, who sells to retailers and others with businesses at discounted prices on condition that they pay in cash, collect the goods themselves, and buy in bulk.
2 An operation that is sometimes possible on the futures market (see futures contract), especially the London Metal Exchange. In some circumstances the spot price of a metal, including the cost of insurance, warehousing, and interest for three months, is less than the futures-market price for delivery in three months. Under these conditions it is possible to buy the spot metal, simultaneously sell the forward goods, and make a profit in excess of the yield the capital would have earned on the money market.
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