Copper Futures Contract Specs

Contract Unit	25,000 pounds
Price Quotation	U.S. dollars and cents per pound
Trading Hours	CME Globex:	Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT) TAM: Sunday - Friday 5:00 p.m. CT - 12:35 p.m. London time (6:00 p.m. - 7:35/8:35 a.m. ET)
	CME ClearPort:	Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
Minimum Price Fluctuation	0.0005 per pound = $12.50
Product Code	CME Globex: HG CME ClearPort: HG Clearing: HG TAS: "HGT","HG0" TAM: HGF
Listed Contracts	Monthly contracts listed for 24 consecutive months and any March, May, July, September, and December in the nearest 60 months.
Settlement Method	Deliverable
Termination Of Trading	Trading terminates at 12:00 Noon CT on the third last business day of the contract month. TAM trading terminates at 12:35 p.m. London time on the third last business day of the month prior to the contract month.
Trade At Marker Or Trade At Settlement Rules	Trading at Settlement is available in the spot month (HG0) and the first, second, third and fourth nearby active contract months (HGT). The active contract months are March, May, July, September and December. Spot month TAS transactions are only permitted at the settlement price (flat or zero). Active month TAS transactions may be executed at the current day's settlement price or at any valid price increment up to 10 ticks higher or lower than the settlement price.Spot month TAS trading terminates the 3rd last business day of the contract month. Trading at Marker (TAM) is analogous to our existing Trading at Settlement (TAS) wherein parties are permitted to trade at a differential that represents a not-yet-known price. TAM trading will use a marker price, whereas TAS trading uses the Exchange-determined settlement price for the applicable contract month. As with TAS trading, parties enter TAM orders at the TAM price or at a differential between one and ten ticks higher or lower than the TAM price. Trading at Marker is available for the London Marker on the nearest active month ( March, May, July, September, and December).
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

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