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 5:00 p.m. - Friday 4:00 p.m. CT with no reporting Monday - Thursday from 4:00 p.m. - 5:00 p.m. CT |
| Minimum Price Fluctuation | 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 Mar, May, Jul, Sep, and Dec in the nearest 63 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. |
| TAM or TAS 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. TAS Table |
| Settlement Procedures | |
| Position Limits | |
| Exchange Rulebook | |
| Block Minimum | |
| Price Limit or Circuit | |
| Vendor Codes | |
| 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. |
