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Copper Options Specifications

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Copper Options Contract Specifications

The copper contract specifications tell you how the copper options trade, not how to trade copper options. Before you consider opening a commodity options account, you should consult with a licensed commodities broker.



Trading 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.

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

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


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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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