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Copper Futures Specifications

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Copper Futures Contract Specifications

The copper contract specifications tell you how the copper futures trade, not how to trade to copper futures. Before you consider opening a commodity futures account, you should consult with a licensed commodities broker. The flexibility of futures trading allows copper investors to experience profit or loss if the market goes up, down or sideways


Trading 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.

Electronic trading is conducted via the CME Globex® trading platform from 6:00 PM Sundays through 5:15 PM Fridays, Eastern Time, with a 45-minute break each day between 5:15 PM and 6:00 PM. Off-Exchange transactions can be submitted solely for clearing to the NYMEX ClearPort® clearing website as an exchange of futures for swaps (EFS) or exchange of futures for physicals (EFP) transaction until 5:15 PM, Monday through Friday, and the day preceding a holiday.

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.

Last Trading Day

Trading terminates at the close of business on the third to last business day of the maturing delivery month.


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.

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: 5,000 net futures equivalent, but not to exceed 150 in the spot month.

Margin Requirements

Margins are required for open futures positions.

Trading Symbol


Click here to contact a commodities broker with experience in the copper market.

Commodity trading is not suitable for everyone. The risk of loss in trading can be substantial. The risk of loss in trading can be substantial. This material has been prepared by a sales or trading employee or agent of Van Commodities, Inc. and is, or is in the nature of, a solicition. This material is not a research report preparfed by Van Commodities, Inc. Research Department. Please view our Risk Disclaimer.

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