Uniform and consistent quality from lot to lot A characteristic required of a commodity before it can be traded on an organized exchange Commodity futures markets are said to be fungible
\FUN-juh-bul\, adjective: 1 (Law) Freely exchangeable for or replaceable by another of like nature or kind in the satisfaction of an obligation 2 Interchangeable
a commodity that is freely interchangeable with another in satisfying an obligation of goods or commodities; freely exchangeable for or replaceable by another of like nature or kind in the satisfaction of an obligation
n and adj Capable of mutual substitution in use or satisfaction of a contract A commodity or service whose individual units are so similar that one unit of the same grade or quality is considered interchangeable with any other unit of the same grade or quality Examples-tin, grain, coal, sugar, money, etc