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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)

TAS: Sunday - Friday 6:00 p.m. - 1:00 p.m. (5:00 p.m. - Noon CT)

TAM: Sunday - Friday 6:00 p.m. ET - 12:35 p.m. London time
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 Outright: 0.0005 per pound = $12.50

TAS/TAM: Zero or +/- 10 ticks in the minimum tick increment of the outright

Spot TAS: Zero
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 (TAS) is subject to the requirements of Rule 524.A. TAS trades off a "Base Price" of zero (equal to the daily settlement price) to create a differential versus the daily settlement price in the underlying futures contract month. The TAS clearing price equals the daily settlement price of the underlying futures contract month plus or minus the TAS transaction price.

Trading at Marker (TAM) is analogous to Trading at Settlement (TAS) wherein parties are permitted to trade at a differential to a not-yet-known price. TAM uses a marker price, whereas TAS uses the Exchange-determined daily settlement price for the underlying futures contract month.
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