01/08/2003
- The Grade 1 Copper Futures Contract spot month position limit is increased from 2,500 to 5,000 contracts provided, however, that the limit would return to 2,500 contracts should either: a) the market go into backwardation for three consecutive business days; or b) COMEX Copper stocks be reduced to a level of 10,000 COMEX contract equivalents. Currently, COMEX stocks of Grade 1 Copper are approximately 32,000 contract equivalents.
- The any one month/all months accountability level for the Exchange's Grade 1 Copper Futures Contract is increased from 6,000 to 10,000 contracts.
Rule 4.47 "Position Limits"
(Bold indicates additions; Strikethrough indicates deletions)
(b) Applicable Limits. The maximum number of futures contracts, options on such futures contracts, or any combination thereof (collectively referred to as "position") which any person may own or control is as follows:
| Commodity | Spot Month Limit* | Net Futures Equivalent Limit |
| Gold | 3,000 | Subject to Position Accountability |
| Silver | 1,500 | Subject to Position Accountability |
| Aluminum | 350 | Subject to Position Accountability |
| Copper | Subject to Position Accountability |
* Effective as of the close of business on the second last business day of the calendar month preceding the delivery month.
** 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 10,000 contract equivalents, the limits in place for the first month shall be reduced to 2500 contracts at the close of business three trading days later unless decided otherwise by the Control Committee.
Rule 4.48 "Position Accountability"
(Bold indicates additions; Strikethrough indicates deletions)
The owner or controller of a net futures equivalent position in gold, silver
- promptly supply to the Exchange such information as the Exchange may request pertaining to the nature and size of the position, the trading strategy employed with respect to the position, and the position owner's or controller's hedging requirements, provided, however, that if the position owner or controller fails to supply such information as and when requested, the President or his designee may request, and the Board or, upon delegation, the Control Committee may order the reduction of such position;
- agree, upon request by the Board or the Control Committee, not to increase the position owned or controlled as of the time the request was received; and
- agree to comply with any prospective limit prescribed by the Board or the Control Committee which exceeds the size of the position owned or controlled.