Micro Copper Futures (MHG): 2,500 Pound Cash Settled Copper Contract

Q: What does one Micro Copper tick equal?

$1.25. The minimum move is $0.0005 per pound on 2,500 pounds.

Q: How much is a 5 cent copper move on MHG?

$125, because a one cent change is worth $25 per contract.

Q: How many Micro Copper positions match a full copper contract?

Ten. Together, ten MHG contracts represent 25,000 pounds, matching one HG.

Q: Is MHG physically delivered?

No. MHG is financially settled against the HG settlement price, so no copper changes hands.

Q: When does MHG stop trading?

A Micro Copper month stops trading before HG delivery begins, on the third last business day of the previous month.

Q: Which MHG months are listed?

23 consecutive months plus any March, May, July, September and December within 63 months.

Q: What margin applies to a Micro Copper contract?

Each MHG contract needs $500 of margin intraday and $1,320 if held overnight at Lincoln Park Financial. Updated figures appear on the margins page .

Q: When is MHG open for trading?

MHG trades on CME Globex from Sunday at 5:00 p.m. CT until Friday at 4:00 p.m. CT, with daily maintenance between 4:00 p.m. and 5:00 p.m. CT.

Q: Who uses Micro Copper futures?

Traders who want copper exposure at a small size, and businesses hedging copper purchases that are too small for an HG contract.

What Is a Micro Copper (MHG) Futures Contract?

Micro Copper futures (MHG) cover 2,500 pounds of copper, one tenth of the 25,000 pound COMEX Copper (HG) contract. MHG is listed on COMEX, part of CME Group, and is financially settled against the HG settlement price, giving copper price exposure without delivery.

MHG uses the same $0.0005 per pound tick as HG, worth $1.25 per contract, and a one cent move equals $25. It suits traders new to base metals, accounts that want small copper positions, and businesses hedging modest copper purchases. Our metals hub covers gold and the precious metals.

Micro Copper (MHG) Contract Specifications

Product:

Micro Copper

Futures Contract Symbol:

MHG

Exchange:

COMEX (part of CME Group)

Contract Size:

2,500 pounds

Trading Hours:

CME Globex from Sunday 5:00 PM CT to Friday 4:00 PM CT; maintenance 4:00 PM to 5:00 PM CT daily

Minimum Price Fluctuation:

Five hundredths of a cent ($0.0005) per pound, or $1.25

Contract Months:

Monthly: the next 23 consecutive months, plus Mar, May, Jul, Sep and Dec contracts out to 63 months

Settlement Method:

Cash settled using the final HG settlement

Exchange Fees:

$0.62/contract

Micro Copper (MHG) Margin

Holding Period:

Day Trading Margins

Overnight Margins

Margins:

$500

$1,320

MHG margins are listed with the other metals on our margins page. When a copper position grows, compare the full size COMEX Copper (HG) contract. For precious metals at micro size, see Micro Gold (MGC) and Micro Silver (SIL). Open an account to trade MHG.

Source: CME

The above information is derived from sources believed to be accurate. It is provided without guarantees and is subject change without notice.

Copper Data Releases MHG Traders Watch

MHG settles against HG, so it reacts to the same copper market news. Copper traders commonly follow these releases; they explain market activity, not future prices.

China purchasing managers indexes: official and private factory surveys released at the start of each month.
Chinese trade data: monthly imports of copper ore, concentrate and refined copper.
U.S. housing starts and construction spending: building activity uses copper in wiring and plumbing.
ISM manufacturing: a monthly measure of U.S. factory activity.
Exchange inventory reports: daily COMEX warehouse stocks and LME inventory data.

A 10 cent move in copper equals $250 on one MHG contract. Losses can exceed the margin deposited.