A physical commodity refers to a tangible item or product that holds value and can be bought, sold, or traded. It can be seen, touched, and physically possessed, such as gold, oil, wheat, or even real estate. Full definition
The commodities indexes measure the price (or performance) of physical commodities such as oil, gold, silver, wheat, and similar goods. (us.etrade.com)
+ read full definition in physical commodities like precious metals, natural resources and agriculture. (getsmarteraboutmoney.ca)
This is typical for stock index futures, treasury bond futures, and futures on physical commodities when they are in supply (e.g. agricultural crops after the harvest). (en.wikipedia.org)