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Copper Contracts: Overview | Quote-board

FUTURES

OPTIONS

Copper FuturesTrading Unit 25,000 pounds. Price Quotation U.S. cents per pound. Trading Hours (All times are New York time) Open outcry trading is conducted from 8:10 AM until 1:00 PM. After-hours futures trading is conducted via the NYMEX ACCESS® internet-based trading platform beginning at 3:15 PM on Mondays through Thursdays and concluding at 8:00 AM the following day. On Sundays, the session begins at 7:00 PM. Trading Months Trading is conducted for delivery during the current calendar month and the next 23 consecutive calendar months. Minimum Price Fluctuation 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. Maximum Daily Price Fluctuation Initial price limit, based upon the preceding day's settlement price, is $0.20 (20¢) per pound. Two minutes after either of the two most active months trades at the limit, trading in all months of futures and options will cease for a 15-minute period. Trading will also cease if either of the two active months is bid at the upper limit or offered at the lower limit for two minutes without trading. Trading will not cease if the limit is reached during the final 20 minutes of a day's trading. If the limit is reached during the final half hour of trading, trading will resume no later than 10 minutes before the normal closing time. When trading resumes after a cessation of trading, the price limits will be expanded by increments of 100%. Last Trading Day Trading terminates at the close of business on the third to last business day of the maturing delivery month. 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. Delivery Period 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. Exchange of Futures for Physicals (EFP) 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. Grade and Quality Specifications 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. Position Accountability Levels and Limits Any one month/all months: 10,000 net futures equivalent, but not to exceed 3,000 in the spot month. Margin Requirements Margins are required for open futures positions. Trading Symbol HG

Copper OptionsTrading Unit One COMEX Division copper futures contract. Price Quotation U.S. cents per pound. Trading Hours (All times are New York time) Open outcry trading is conducted from 8:10 AM until 1:00 PM. Trading Months Options are listed for trading in each of the nearest 22 futures contract months. The options are American-style and can be exercised at any time up to expiration. Minimum Price Fluctuation 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. Maximum Daily Price Fluctuation No price limits. Last Trading Day Expiration occurs on the fourth business day prior to the underlying futures delivery month. If the expiration day falls on a Friday or immediately prior to an Exchange holiday, expiration will occur on the previous business day. Exercise of Options Until one hour after the contract market close, New York time, on any business day for which the options contract is listed for trading. On expiration day, the buyer has until 4:30 PM, New York time, to exercise an options contract. Strike Prices $0.01 (1¢) per pound apart for strike prices below $0.40 (40¢), $0.02 (2¢) per pound apart for strike prices between $0.40 (40¢) and $1.20, and $0.05 (5¢) per pound apart for strike prices above $1.20. Margin Requirements Margins are required for open short options positions. The margin requirement for an options purchaser will never exceed the premium paid. Trading Symbol HX

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