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Copper Options Contract Specs

Options
Underlying Futures Copper Futures (HG)
Product Symbol CME Globex: HXE
CME ClearPort: HX
Open Outcry (New York): HX
Venue CME Globex, CME ClearPort, 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 8:10 a.m. – 1:00 p.m. (7:10 a.m. – 12:00 p.m. CT)
Contract Unit One COMEX Copper futures contract
Price Quotation U.S. Cents per pound.
Please note: Prices are disseminated in U.S. Dollars and Cents
Option Style American
Minimum Fluctuation $0.0005 per pound
Expiration of Trading Expiration occurs four business days prior to the end of the month preceding the option contract month. If the expiration day falls on a Friday or immediately prior to an Exchange holiday, expiration will occur on the previous business day.
Listed Contracts Trading is conducted in each of the nearest 22 futures contract months.
Strike Prices For the first three months, strike prices are at an interval of $.01. An additional ten strike prices will be listed at $.05 increments above and below the highest and lowest one-cent increment, respectively, beginning with the strike price evenly divisible by $.05. For all other trading months, strike prices are at an interval of $.05 if the underlying futures price is less than $2.00 per pound. If the underlying futures price is greater than $2.00 per pound, strike prices are at an interval of $.05 for the 20 strike prices above and 20 strike prices below the at-the-money strike price. An additional 10 strike prices will be listed at $.25 increments above the highest $.05 increment and an additional ten strike prices will be listed at $.25 increments below the lowest $.05 increment, beginning with the first available strike that is evenly divisible by $.25.
Settlement Type Physical
Position Limits NYMEX Position Limits
Rulebook Chapter 117
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of COMEX.

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