12/22/2003
To the extent that for a period of three consecutive trading days, there is either: (1) a backwardation of price between the first month and next most active month (first month's price above nearest active month's price); or (2) registered stocks which fall below 20,000 contract equivalents, the limits in place for the first month shall be reduced to 3,000 contracts at the close of business three trading days later unless decided otherwise by the Control Committee. (Emphasis added)
For the three consecutive trading days (December 15, 16 and 17, 2003) a backwardation of price between the first month's contract (December 2003) and the next most active month's contract (March 2004) occurred. Consequently, pursuant to Rule 4.47 (b), effective at the close of business December 22, 2003, the spot month position limit for the COMEX Division Copper Futures contract is reduced from 5,000 contracts to 3,000 contracts. Therefore, until further notice, the maximum number of futures contracts, options on such futures, or any combination thereof (collectively referred to as "position") which any person may own or control is 3,000 contracts.