Set up a Price Series

Security Note: You need the Allow the user to edit price series security right in the Marketing user group security rights group for this activity.

Activity Steps

  1. Open the Pricing Editor.
  2. Select the Price Series tab.
  3. To create a price series:
    1. Right-click in the Price Series field group and select New from the menu.
    2. Update the Price Series name if required.
    3. Select the Domains for which the price series is visible. See Domains.
    4. Select a Source Market that publishes prices if required. Select from the markets defined in the Market/Commodity Editor.

      The market configuration can include prompt calendars and prompts, which together are used to determine the prompt dates of prices in the price series with that source market. Prompt calendars are used to determine the business days, and prompts are used to determine the offset or day of the month or week. Each market can have a single prompt calendar, and can have multiple prompts. For example, the London Metal Exchange (LME) publishes a 3-month prompt and a daily prompt with a 2-day offset. If the actual price is not yet available for the effective start date in the price series, the price at the prompt date in the forward curve is used.

      If the market configuration does not include prompt calendars and prompts, when the actual price is not yet available for the effective start date in the price series, the price at the same date in the forward curve is used.

    5. If a Source Market is selected, select a Prompt to calculate the prompt date for each effective start date in the price series if required. Select from the prompts defined for the source market in the Market/Commodity Editor.
    6. Complete at least one of the following fields to limit the applicability of the price series.
      • Material Type—If specified, the price series can only be used for contracts of the same material type. Select from the material types defined on the Material panel of the Solution Explorer.
      • Products—If specified, the price series can only be used for contracts with one of the specified products as a contract product. Select from the products and brands defined on the Material panel of the Solution Explorer.
      • Analyte—If specified, the price series can only be used for contracts with that analyte as a payable analyte. Select from the analytes defined on the Quality panel of the Solution Explorer.

        • Note: When selecting a price series in a quotation pricing line for a payable analyte that is a calculated analyte, any price series can be selected.

    7. Complete the following fields.
      • Decimals—Number of decimal places to which the prices are entered and displayed. Use the number of decimal places in which the prices are published.
      • Currency—Use the currency in which the prices are published. Select from the currencies defined in the Currency/Exchange Editor
      • Unit—Select from the Mass units defined in the Unit Conversion Editor.
      • Entry Frequency—Frequency at which price updates are available and need to be entered. Select from Day, Week, Month, Quarter, Half Year and Year. This field is read-only if any prices have been entered for the price series.
    8. If the Entry Frequency is Day, Week, Month or Quarter, select the Series Calendars. This field is read-only if any prices have been entered for the price series. Select from the calendars defined in the Calendar Editor. If multiple calendars are selected:
      • All calendars are used to determine non-working days.
      • Only the first calendar is used to determine the start of week day or start of month date.

      Example: If an operation is in Australia, but the source market is in London, and the UK has a bank holiday on the Monday when Australia has a normal working day, the calendar can be used to indicate this.

    9. If the price series is to be used for contract charges rather than for regular pricing, select the Premium Matrix. Select from the premium matrixes defined in the Premium Matrix Editor. The premium matrix must have a material type that matches the material type or product specified for the price series.

      If a premium matrix is selected:

      • The price series cannot be associated with a forward curve.
      • Unknown prices are determined from the premium matrix instead of from a forward curve.
      • The price series cannot be used for regular pricing, such as in quotation pricing in contract terms.
      • The price series can be used with the GetPriceSeriesValue() or GetPriceSeriesValueQP() Expression Editor functions to calculate a value; for example, for a contract charge.
    10. Complete the remaining fields as required.
      • Mandatory Entries—Whether a price must be entered for each date defined by the Entry Frequency. If checked, an error message displays on the invoice if prices have not been entered for all applicable dates within the quotation period (QP), except for non-working days defined in the Series Calendars.
      • Description
      • Non-working Day Behaviour—The calendar for a price series may include non-working days. If the total number of days of the quotation period (QP) minus the total number of non-working days is less than or equal to one day, and the QP Start Date is a non-working day, then the QP Start Date is moved to the nearest working day in the price series. If this means that the QP Start Date becomes later than the QP End Date, then the End Date is also moved. If the range of the quotation period includes two or more working days, the Non-working Day Behaviour is not used. Select from:
        • Move Backwards (default)—If a price is not published for a day, the last available price is used.
        • Move Forwards—If a price is not published for a day, the next available price is used.

        Example: A contract specifies that the provisional invoice will use the gold price on the bill of lading date. The shipment departs on a Saturday and this is the bill of lading date. The gold price series has been configured with a calendar with Saturdays and Sundays as non-working days, and therefore does not contain a price for the bill of lading date.

        • If Non-working Day Behaviour is Move Backwards, the price from the previous Friday is used. (The QP Start Date becomes Friday, and the QP End Date remains as Saturday.)
        • If Non-working Day Behaviour is Move Forwards, the price from the next Monday is used. (The QP Start Date becomes Monday, and the QP End Date also moves to Monday.)

        Example: A contract specifies that the provisional invoice will use the formula DPID(3,0) and the Non-working Day Behaviour of the price series is Move Backwards. The price series has Saturdays and Sundays as non-working days.

        • If the invoice is created on a Sunday, the QP Start Date is Thursday and the QP End Date is Saturday. The number of days in the QP is three, and only one is a non-working day; therefore, the start date is not adjusted.
        • If the invoice is created on a Monday, the QP Start Date is Friday and the QP End Date is Sunday. Even though that QP has only one working day, the start date is not adjusted because it is a working day.
        • If the invoice is created on a Tuesday, the QP Start Date is Saturday and the QP End Date is Monday. However, that QP has only one working day, and the start date is a non-working day; therefore, the start date is adjusted to Thursday.
      • Estimation Method—If Estimate Price If QP Unfinished in the snapshot settings is checked (see Specify Snapshot Settings), the source of prices for price estimation. If Estimate Price If QP Unfinished is unchecked, this setting is ignored. (That is, if the QP is not finished, the price is calculated using any available prices in the QP.) Select from:
        • Snapshot Settings (default)—The price is estimated using the Price Sources specified in the snapshot settings in the Options screen.
        • LKQ (Last Known Quotation)—The price is estimated from the last known price in the quotation period's (QP's) price series.

        Example: The snapshot settings are configured to use forward prices; however, for one price series, there is no forward curve. LKQ can be used for this price series.

  4. To enter prices for a price series:
    1. Select the price series.
    2. Enter the following search criteria in the Prices field group.
      • Start Date
      • End Date
    3. Click Search or press F3.
    4. Enter the Price for each Effective Start date.

      Note: Press Ctrl+V to paste a column of data copied from another application, such as a spreadsheet. You can also right-click a price and select Copy To Unassigned Dates to copy that price to all displayed effective dates that do not yet have a price.

  5. Click Save.