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Mont Belvieu LDH Propane (OPIS) vs. European Propane CIF ARA (Argus) Futures Contract Specs

Product Symbol 51
Venue CME Globex, CME ClearPort and Open Outcry (New York)
Hours
(All Times are New York Time/ET)
CME Globex: Sunday - Friday 6:00 p.m. - 5:15 p.m. (5:00 p.m. - 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)
CME ClearPort: Sunday - Friday 6:00 p.m. - 5:15 p.m. (5:00 p.m. - 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)
Open Outcry: Monday – Friday 9:00 AM to 2:30 PM (8:00 AM to 1:30 PM CT)
Contract Unit 1,000 metric tons
Price Quotation U.S. dollars and cents per metric ton
Minimum Fluctuation $0.001 per metric ton
Floating Price The Floating Price for each contract month is equal to the arithmetic average of the OPIS Mt. Belvieu Propane (LDH) minus arithmetic average of the high and low quotations from Argus Media for Propane CIF ARA for each business day that it is determined during the contract month (using Non-common pricing).

For purposes of determining the Floating Price, the Argus Media for Propane CIF ARA price will be converted each day to U.S. dollars and cents per gallon, rounded to the nearest cent. The conversion factor will be 521 gallons per metric ton.
Termination of Trading Trading shall cease on the last business day of the contract month.
Listed Contracts CME Globex: 1 month
CME ClearPort and Open Outcry: Every month for 36 consecutive months
Settlement Type Financial
Position Limits NYMEX Position Limits
Rulebook Chapter 421
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of NYMEX.