spot market

noun
a market in which commodities, as grain, gold, or crude oil, are dealt in for cash and immediate delivery (distinguished from futures market ).

Origin:
1935–40

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Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
spot market
 
n
commerce Compare forward market a market in which commodities, currencies, or securities are traded for immediate delivery

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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Example sentences
The premise being that my solar hot water system is subsidizing the utility's
  ability to sell electricity on the spot market.
About half have switched to longer term contracts, while the other half have
  switched to the spot market.
If they underestimate demand, they will need to purchase additional electricity
  on the spot market at high prices.
The exchange does not apply circuit breakers in the spot market, although they
  are used in some cases in the futures market.
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