Before creating a new commodity you may need to add any related price series first.
To configure a new Contract Commodity go to Reference Data and then to the Commodities tab.
Use an existing similar commodity as a starting point and Copy and Paste to the new name.
For any commodities that require balance pricing you will need to assign the appropriate balance price series. Also assign the commodity to the relevant contract types and fee types. The user interface uses the contract type assignment to control picking lists.
You should now add templates to set default values for child data objects such as pricing, fees and specifications. A pricing template should exist for all commodities. Fees and specifications are optional.
As above you can use Copy and Paste to copy template items from a similar commodity.
Once all is in place you can use the commodity on contract items. Child data will be populated based on the templates but the user can adjust to specific trade needs if required.