What Are Copper Futures?
Copper futures are traded on the COMEX division of the NYMEX under the symbol HG. Each contract represents 25,000 pounds of copper; the basis for the contract is Grade 1 Electrolytic Copper Cathodes (full plate or cut) that conforms to the chemical and physical specifications for Grade 1 Electrolytic Copper Cathode as adopted by the American Society for Testing and Materials.
Trading in copper futures is conducted for delivery during the current calendar month, the next 23 calendar months, and any March, May, July, September, and December falling within a 60-month period beginning with the current month. Physical delivery may take place on any business day beginning on the first business day of the delivery month or any subsequent business day of the delivery month, but not later than the last business day of the current delivery month.
Copper futures are subject to NYMEX position limits.
Copper futures are also traded on the London Metal Exchange under the contract code CA. Copper futures represent 25 tonnes (with a tolerance of +/- 2%) of Grade A Copper conforming to BS EN 1978:1998 (Cu-CATH-1). LME copper futures contracts are priced in dollars and cents per pound, and clearable currencies include the U.S. dollar, pound, euro, and yen.