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Copper Futures Contract Specs

Contract Unit 25,000 pounds
Price Quotation U.S. Cents per pound
Please note: Prices are disseminated in U.S. Dollars and Cents
Trading Hours 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)
Minimum Price Fluctuation $0.0005 per pound
Product Code CME Globex: HG
CME ClearPort: HG
Clearing: HG
TAS: HGT
Listed Contracts Trading is conducted for delivery during the current calendar month, the next 23 calendar months, and any March, May, July, September, and December falling within a 60-month period beginning with the current month.
Settlement Method Deliverable
Termination Of Trading Trading terminates on the third last business day of the delivery month.
Trade At Marker Or Trade At Settlement Rules Trading at Settlement is available for the 1st and 2nd active contract months. The active contract months are March, May, July, September and December. TAS transactions may be executed at the current day's settlement price or at any valid price increment ten ticks higher or lower than the settlement price.
Settlement Procedures Copper Futures Settlement Procedures
Position Limits NYMEX Position Limits
Exchange Rulebook COMEX 111
Block Minimum Block Minimum Thresholds
Price Limit Or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing
Delivery Period Delivery may take place on any business day beginning on the first business day of the delivery month or any subsequent business day of the delivery month, but not later than the last business day of the current delivery month.
Grade And Quality The contract (basis) grade for the Grade 1 copper contract shall be Grade 1 Electrolytic Copper Cathodes (full plate or cut) and shall conform to the specifications (as to chemical and physical requirements) for Grade 1 Electrolytic Copper Cathode as adopted by the American Society for Testing and Materials (B115-00), or its latest revision.

About Copper

Copper futures are hedging tools that offer copper price mitigation opportunities to a range of market participants. They also provide global price discovery and opportunities for portfolio diversification, as well as:

  • Extensive trading opportunities, as copper prices are sensitive to cyclical industries, such as construction and industrial machinery manufacturing, as well as to political situations in countries where copper mining is government-controlled
  • The benefits of central clearing, including guaranteed counterparty credit and segregation of customer funds
  • Copper price transparency, giving all market participants equal access while maintaining anonymity in all bids and offers

Things to know about the contracts:

  • Physically delivered
  • Block-trade eligible
  • Can be traded off-exchange for clearing only through CME ClearPort