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Copper Futures (HG) Contract Specifications

What you're trading

The COMEX Copper future (HG) gives you exposure to 25,000 pounds of Grade 1 electrolytic copper with physical delivery. Copper is often called "Dr. Copper" because its price tends to reflect the health of the global economy — it's used heavily in construction wiring, power transmission, electronics, plumbing, and electric vehicles. HG is traded by miners, manufacturers, and scrap dealers to hedge physical exposure, and by speculators to trade views on Chinese industrial demand, U.S. housing starts, and the electrification buildout.

Contract size

25,000 pounds of copper. 

Tick value

Minimum price fluctuation is $0.0005 per pound, and each tick is worth $12.50 per contract. A $0.01 move in the per-pound price equals $250, and a $0.10 move equals $2,500 per contract.

Trading hours

CME Globex: Sunday 5:00 p.m. CT through Friday 4:00 p.m. CT, with the 4:00–5:00 p.m. CT maintenance halt Monday through Thursday. HG is particularly sensitive to Chinese manufacturing data (PMI releases) and London Metal Exchange activity.

Settlement type

Physically delivered. Active contract months are March, May, July, September, and December, plus the current and next two calendar months. Trading terminates on the third-last business day of the delivery month. Close or roll positions before last trading day to avoid delivery.

Margin snapshot

Copper margin can change quickly around Chinese economic data and LME inventory swings.

Initial margin (overnight)

~$6,500–$9,500 per contract (approximate; varies with volatility)

Maintenance margin

~$5,900–$8,600 per contract

Day-trade margin

Broker-set; often a fraction of overnight margin

Notional value (reference)

~$112,500 at $4.50/lb

Margins change with market volatility and vary by broker. The figures above are approximate and for reference only — always confirm current requirements with MetroTrade support or on the CME margin page before trading.

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