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Trading Unit |
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25,000 pounds. |
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Price Quotation |
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U.S. cents per pound. |
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Trading Hours (All times are New York time) |
Open outcry trading is conducted from 8:10 AM until 1:00 PM.
After-hours electronic trading begins at 2:00 PM on Mondays through Fridays and concludes at 8:00 AM the following day, with the exception of Friday's session which concludes at 5:15 PM that same day. On Sundays, the session begins at 6:00 PM and concludes at 8:00 AM the following day. |
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Trading Months |
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Trading is conducted for delivery during the current calendar month and the next 23 consecutive calendar months. |
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Minimum Price Fluctuation |
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Price changes are registered in multiples of five one-hundredths of one cent (0.05￠ or $0.0005) per pound, equivalent to $12.50 per contract. A fluctuation of one cent (1￠ or $0.01) is equivalent to $250 per contract. |
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Last Trading Day |
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Trading terminates at the close of business on the third to last business day of the maturing delivery month. |
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Delivery |
Copper may be only from a warehouse in the United States licensed or designated by the Exchange. Delivery must be made upon a domestic basis; import duties or import taxes, if any, must be paid by the seller, and shall be made without any allowance for freight.
Complete delivery rules and provisions are detailed in Chapter 111 of the Exchange Rulebook. |
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Delivery Period |
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The first delivery day is the first business day of the delivery month; the last delivery day is the last business day of the delivery month. |
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Exchange of Futures for Physicals (EFP) |
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The buyer or seller may exchange a futures position for a physical position of equal quantity by submitting a notice to the Exchange. EFPs may be used to either initiate or liquidate a futures position. |
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Grade and Quality Specifications |
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Grade 1 electrolytic copper conforming to the specification B115 as to chemical and physical requirements, as adopted by the American Society for Testing and Materials, and of a brand approved and listed by the Exchange. |
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Position Accountability Levels and Limits |
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Any one month/all months: 5,000 net futures equivalent, but not to exceed 250 in the spot month. |
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Margin Requirements |
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Margins are required for open futures positions. |
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Trading Symbol |
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HG |
