- What is the contract symbol for the Micro Futures contract?
- Why is CME Group launching this product?
- What are the contract specifications, and how do they differ from the current Copper Futures and E-mini Copper Futures contracts?
- When does trading terminate for Micro Copper Futures?
- What are the listed contracts?
- Is trading available in the spot month?
- Are these futures contracts eligible for Block Trading?
- Is TAS trading available in Micro Copper Futures?
- What are the fees for the Micro Copper Futures contract?
- Are there options on Micro Copper Futures?
- Are there price limits on Micro Copper Futures?
- Where can I trade Micro Copper Futures?
- What are the trading hours on CME Globex and submission hours on Clearport?
- Where can I find contract rules for Micro Copper Futures?
1. What is the contract symbol for the Micro Futures contract?
The contract symbol is MHG (The benchmark Copper Futures contract is HG)
2. Why is CME Group launching this product?
The introduction of Micro Copper Futures provides a smaller, more precise instrument for managing price risk. A contract, one-tenth the size of the benchmark Copper Futures contract, offers more granularity and smaller margin requirements.
3. What are the contract specifications, and how do they differ from the current Copper Futures and E-mini Copper Futures contracts?
|
Product Specifications |
Micro Copper Futures |
Copper Futures |
E-mini Copper Futures |
|---|---|---|---|
|
CME Globex/ CME Clearport Code |
MHG |
HG |
QC |
|
Contract Size |
2,500 pounds |
25,000 pounds |
12,500 pounds |
|
Minimum Price Fluctuation |
$0.0005 per pound |
$0.0005 per pound |
$0.002 per pound |
|
Value per Tick |
$1.25 per contract |
$12.50 per contract |
$6.25 per contract |
|
Settlement Type |
Financial |
Physical |
Financial |
|
Listing Exchange |
COMEX |
||
4. When does trading terminate for Micro Copper Futures?
Trading terminates on the 3rd last business day of the month preceding the contract month.
5. What are the listed contracts?
Monthly contracts are listed for 24 consecutive months and any March, May, July, September and December in the nearest 63 months.
6. Is trading available in the spot month?
No. Since the contract expires on the 3rd last business day of the prior month, there is no available trading in the current/spot month.
7. Are these futures contracts eligible for block trading?
Yes. Micro Copper futures are available for block trading and clearing via CME ClearPort. The minimum block threshold for Micro Copper is 20 contracts.
8. Is TAS trading available in Micro Copper Futures?
No, Micro Copper Futures is not TAS eligible.
9. What are the fees for the Micro Copper Futures contract?
Exchange clearing and trading fees on the Micro Copper Futures contract can be found on the COMEX fee schedule after launch.Learn more about Margins FAQs.
10. Are there options on Micro Copper Futures?
No. Options on Micro Copper Futures are not currently available for trading.
11. Are there price limits on Micro Copper Futures?
Micro Copper Futures utilize dynamic price limits (circuit breakers).
Learn more about dynamic circuit breakers here: Frequently Asked Questions: Dynamic Circuit Breakers (cmegroup.com)
12. Where can I trade Micro Copper Futures?
Trading takes place on CME Globex and via block trading and submission for clearing through CME Clearport.
13. What are the trading hours on CME Globex and submission hours on CME ClearPort?
|
Trading and Clearing Hours |
CME Globex: Sunday - Friday 5:00 p.m. Central Time/CT with a daily maintenance period from 4:00 p.m. - 5:00 p.m. CT CME Globex Pre-Open: Sunday 4:00 p.m. - 5:00 p.m. CT. Monday - Thursday 4:45 p.m. - 5:00 p.m. CT CME ClearPort: Sunday - Friday 5:00 p.m. - 4:00 p.m. CT with no reporting Monday - Thursday from 4:00 p.m. - 5:00 p.m. CT |
14. Where can I find contract rules for Micro Copper Futures?
Rulebook 914 will be available after contract launch.
In addition, the Contract will be eligible for offset with the Exchange’s existing E-mini Copper Futures contract pursuant to NYMEX Rule 855. (“Offsetting Positions”)
All examples in this report are hypothetical interpretations of situations and are used for explanation purposes only. The views in this report reflect solely those of the author and not necessarily those of CME Group or its affiliated institutions. This report and the information herein should not be considered investment advice or the results of actual market experience.
