Notice to Members
Notice No. 165 04/14/2005
COMEX Spot Month Copper Position Limit Reduction
On June 24, 2004, the Exchange issued Notice to Members No. 245 announcing the Control Committee's decision to reduce copper futures spot month position limits from 3,000 to 1,500 contracts. Pursuant to Exchange Rule 104.47(b), "If at any time registered stocks fall below 20,000 contract equivalents, the limits in place may be reduced below 3,000 contracts at the discretion of the Control Committee at the close of business three trading days later unless decided otherwise by the Control Committee." COMEX warehouse stocks for copper, as of the close of business April 13, 2005, were 3,004 contract equivalents. On April 13, 2005, the Control Committee decided to further reduce the copper futures spot month limit to 1,000 contracts, effective immediately. By rule, the spot limit commences as of the close of business on the second to last business day of the calendar month preceding the delivery month. Note, for the May 2005 copper futures contract, the spot month period commences close of business April 28, 2005.
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