Copper markets |
Market information |
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Click the name of the exchange or the name of the metal for more information of the exchange/specs/volumes/trading times
LME (London Metal Exchange) |
 The London Metal Exchange (LME) is the world’s premier non-ferrous metals market, with highly liquid contracts. It is an innovative Exchange, whilst maintaining its traditional strengths in a modern business environment. It remains close to its core users by ensuring its contracts continue to meet the high expectations of a demanding industry. As a result, it is highly successful, with a turnover value of some US$2,000 billion per annum. It is a major contributor to the UK’s invisible earnings, responsible for more than £250 million in overseas earnings each year. |
Copper LME Ring Trading Times |
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First Session
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1st Ring
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12:00 - 12:05
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2nd Ring (Official)
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12:30 - 12:35
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Kerb Trading*
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13:15 - 15:10
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Second Session
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1st Ring
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15:30 – 15:35
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2nd Ring (Offical)
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16:10 – 16:15
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Kerb Trading*
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16:35 – 17:00
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*Approximate start time for kerb following declaration of the official prices
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LME Copper Contract Specifications |
Copper Grade A Futures & Traded Options
One of the ‘original’ metals, copper shared an era of history with tin as a fundamental component of the Bronze Age. However, its primary properties in modern-times are its electrical conductivity and heat-transfer abilities making it invaluable for use in the building construction and electrical industries. Copper’s malleability, strength and corrosion resistant qualities also make it an excellent alloying agent for the production of intricate shapes – particularly in brass and bronze.
This alloying factor made copper one of the most important industrial metals of the 19th century and it naturally became the flagship contract of the LME when it was established in 1877. The copper industry was quick to recognise the LME as its international pricing mechanism. This role is still fundamental to the ongoing success of the LME copper contract. LME futures, traded options and traded average price options (TAPOs) contracts provide the optimum combination of physical contract and risk management mechanisms for today’s industry members, whereby sale and purchase contracts can be hedged to an advantage. Today some 94% of all copper futures trading is carried out on the LME. |
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LME Copper Grade A Futures Contract Specification
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Contract
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Grade A Copper
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Lot size
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Lot size 25 tonnes (with a tolerance of +/- 2%)
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Form
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Grade A cathodes conforming to BSEN 1978:1998
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Weight
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Each parcel of copper cathodes placed on warrant shall not exceed 4 tonnes
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Delivery dates
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Daily for cash to 3 months (first prompt date two working days from cash). Then every Wednesday from 3 months to 6 months. Then every third Wednesday from 7 months out to 63 months
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Quotation
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US dollars per tonne
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Minimum Price Movement
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50 US cents per tonne
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Clearable currencies
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US dollar; Japanese yen; sterling; euro
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LME Copper Options Contract Specification
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Delivery dates
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Monthly from the first month out to 63 months
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Value date
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The third Wednesday of the prompt month
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Exercise date
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The first Wednesday of the prompt month
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Premium quotation
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US dollars per tonne
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*Strike price
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$25 gradations for strikes from US$25 to US$3975
$50 gradations for strikes form US$4000 to US$7950
$100 gradations for all strikes over $US8000
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*Strike price gradations and tick size for premiums available in all clearable currencies |
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LME Traded Average Price Options Specification
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Contract date
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The business day on which the contract is traded
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Contract period
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Calendar months up to 15, 27 or 63 months forward (in line with the underlying futures contracts). The inclusive period between the first business day and the last business day of the traded month.
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Option type
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Calls & puts base don the monthly average settlement price (MASP)
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Currency & strike price
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US dollars :$1 gradations
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Premium tick size
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0.01 USD (one cent)
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Premium payment
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Next business day after contract is traded
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Settlement date
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Settlement is two business days after exercise.
The futures trades settle as per LME rules & regulations.
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The London Metal Exchange Limited
56 Leadenhall Street
London EC3A 2DX
UK
t: +44 (0)20 7264 5555
f: +44 (0)20 7680 0505
e: click here
w: lme.co.uk
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MCX (Multi Commodity Exchange of India) |
 MCX an independent and de-mutulised multi commodity exchange has permanent recognition from Government of India for facilitating online trading, clearing and settlement operations for commodity futures markets across the country. Key shareholders of MCX are Financial Technologies (India) Ltd., State Bank of India, HDFC Bank, State Bank of Indore, State Bank of Hyderabad, State Bank of Saurashtra, SBI Life Insurance Co. Ltd., Union Bank of India, Bank Of India, Bank Of Baroda, Canara Bank, Corporation Bank.
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MCX Copper Contract Specifications |
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Contracts Available for Trading
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March contract
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1st November of the earlier year to 28th February of the contract year
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May contract
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1st January to 30th April of the contract year
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July contract
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1st March to 30th June of the contract year
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September contract
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1st May to 31st August of the contract year
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December contract
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1st August to 30th November of the contract year
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Trading Period
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Mondays to Saturdays
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Trading Session
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Mondays to Fridays:10.00 am to 11.30 pm
Saturday : 11.00 am to 2 pm
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Trading
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Trading Unit
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1 Ton
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Quotation/Base Value
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Maximum Order Price
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1MT
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Tick Size (minimum price movement)
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5 paise per Kg
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Daily Price Limits
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4%
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Price Quote
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Ex-Bhiwandi (exclusive of all taxes and levies relating to import duty, customs, sales tax, special additional duty and octroi). At the time of delivery, the buyer has to pay these taxes and levies in addition to delivery order rate.
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Initial Margin
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5%
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Special Margin
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In case of additional volatility, a special margin of 2 % or such other percentage, as deemed fit, will be imposed immediately on both buy and sale side in respect of all outstanding position, which will remain in force for next 3 days, after which the special margin will be relaxed.
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Maximum Allowable Open Position
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For individual clients: 1000 MT
For a member collectively for all clients: Not more than 25 % of the market's open position in a contract at any point of time
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Delivery
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Delivery Unit
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9 MT with tolerance limit of + / - 1 % (90 Kg)
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Delivery Center(s)
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Within 20 Kilometers outside Mumbai octroi limit
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Quality Specifications
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Grade 1 electrolytic copper as per B115 specification
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Delivery and Settlement Procedure for Copper
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Tender & Delivery period
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1st to 7th day after the last day of trading
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Buyer's and Seller's Intention
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Last trading day by 3.00 p.m.
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Matching of Buyer's and Seller's intention
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On the basis of intention received from the buyers and sellers, the Exchange will match the total quantity offered by the buyers and sellers and with respect to the matched quantity, the allocation of delivery between the buyers and sellers will be done. The unmatched quantity will be closed out as per the DDR and actual delivery will be effected only to the extent of matched quantity.
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Tender Days
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1st day after the last day of trading by 3:00 p.m.
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Tender Notice by Seller
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The Seller will issue tender notice along with evidence of delivery to the Exchange in a specified format.
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Delivery Period Margin
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Nil. However, the buyers willing to take delivery would be required to deposit, on commencement of delivery period, an amount equivalent to the quantity of delivery intended to be taken calculated as per the DDR, which will be notified by the evening of the contract maturity date. Provided the Exchange as per intention received from the seller has confirmed such delivery.
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MCX
102 A, Landmark, Suren Road,
Chakala, Andheri (East),
Mumbai - 400 093
t: 022 56494000 / 26836016
f: 022 56494151
e: info@mcxindia.com
w: mcxindia.com
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 The New York Mercantile Exchange, Inc., is the world's largest physical commodity futures exchange and the preeminent trading forum for energy and precious metals.
The Exchange has stood for market integrity and price transparency throughout its 132-year history. Transactions executed on the Exchange avoid the risk of counterparty default because the Exchange clearinghouse acts as the counterparty to every trade. Trading is conducted through two divisions, the NYMEX Division, home to the energy, platinum, and palladium markets; and the COMEX Division, on which all other metals trade.
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COMEX Copper Contract Specifications |
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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)
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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 4:30 PM that same day. On Sundays, the session begins at 7:00 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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Maximum Daily Price Fluctuation
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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%
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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
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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
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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 1,500 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
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SHFE (Shanghai Futures Exchange) |
 Shanghai Futures Exchange (SHFE) is organized under relevant rules and regulations. Being a self-regulated legal person, it performs functions that are specified in its charter and sovereign laws and regulations. It is under the direction and regulation of the China Securities Regulatory Commission (CSRC). At present, futures contracts of four products copper are listed for trading, ie, copper, aluminum, natural rubber and fuel oil. SHFE adheres to the guidelines that are generalized as "legislation, supervision, self-regulation and standardization", and holds up to the strategic goal as to “develop into a regulated efficient transparent and product-inclusive futures exchange that focuses on the financial derivative products”. Shanghai Futures Exchange embraces the concept of scientific development.
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SHFE Copper Contract Specifications |
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Copper Cathode Contract Specifications
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Trading Unit
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5 tons /lot
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Quotation Unit
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Yuan (RMB) /ton
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Tick Size
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10 yuan /ton
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Daily Price Limit
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3% above or below the previous day's settlement price
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Caontract Months
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Jan, Feb, Mar, Apr, May, Jun, Jul, Aug, Sep, Oct, Nov, Dec
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Trading Hours
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9.00am - 11.30 am
1.30 - 3.00pm
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Last Trading Day
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15th of the spot month (postponed in case of legal holidays)
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Delivery Period
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16th-20th of the spot month (postponed in case of legal holidays)
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Delivery Grades
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Standard Good: Standard Copper Cathode
GB/T467-1997, Copper + Silver >=99.95%
Substitutions: 1 High Grade Copper GB/T467-1997
2. The LME Registered Brand
BS6017-1981, AMD5725(CU-CATH-1)
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Delivery Sites
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SHFE approved warehouse
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Transaction Margin
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5% of the contract value
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Transaction Fee
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Less than 0.2% of the trading value (including risk reserve payment)
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Delivery Location
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Physical Delivery
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Symbol
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Cu
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Exchange
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Shanghai Futures Exchange
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