On CME Globex from 5:00 p.m. CT Sunday to 4:00 p.m. CT Friday, idle for one hour starting at 4:00 p.m. CT each weekday.

Copper Futures (HG): COMEX 25,000 Pound Contract, Tick Value and Margin

Q: What does a minimum HG price move cost or pay?

The minimum move is $0.0005 per pound, worth $12.50 per contract.

Q: How much does a 10 cent copper move change one HG contract?

$2,500, since each one cent change is worth $250.

Q: What is an HG contract worth in total?

Copper at $4.50 per pound puts the face value of one HG contract at $112,500.

Q: What is delivered against an HG contract?

Grade 1 copper cathode from COMEX approved warehouses. Traders who do not want delivery exit before first notice day.

Q: Which HG months see the most activity?

The active months are March, May, July, September and December, and COMEX lists 24 consecutive months plus those five months out to 63 months.

Q: What time does an expiring HG contract stop trading?

At 12:00 noon CT on the third last business day of the contract month.

Q: What does HG margin cost at Lincoln Park Financial?

HG lists $500 for day trading and $13,200 overnight per contract. Current figures are on the margins page .

Q: Why is copper called Dr. Copper?

Because copper is used so widely in construction and manufacturing, its price is often read as a signal of economic activity. It is one indicator among many.

What Is a COMEX Copper (HG) Futures Contract?

Copper futures (HG) are the main copper contract on COMEX, part of CME Group. Each contract covers 25,000 pounds of Grade 1 copper cathode and is physically delivered from COMEX approved warehouses. Prices are quoted in dollars and cents per pound, and the $0.0005 tick is worth $12.50 per contract, so a one cent move equals $250.

HG is used by miners, fabricators and manufacturers to hedge copper costs, and by traders who follow industrial growth. For one tenth of the size with cash settlement, CME Group lists Micro Copper (MHG). Precious metals are covered on our metals hub.

COMEX Copper (HG) Contract Specifications

Product:

Copper (Grade 1)

Futures Contract Symbol:

Exchange:

COMEX (part of CME Group)

Contract Size:

25,000 pounds

Trading Hours:

Sunday to Friday on CME Globex: opens 5:00 PM CT, closes 4:00 PM CT, idle from 4:00 PM to 5:00 PM CT

Minimum Price Fluctuation:

$0.0005 per pound = $12.50

Contract Months:

24 consecutive months and any Mar, May, Jul, Sep and Dec in the nearest 63 months

Settlement Method:

Physical delivery of Grade 1 copper cathode

Exchange Fees:

$1.62/contract

COMEX Copper (HG) Margin Requirements

Holding Period:

Day Trading Margins

Over Night Margins

Margins:

$500

$13,200

Official Exchange Source: CME Group Copper (HG) Contract Specifications

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

HG appears with every metals contract on our futures margins page. For smaller copper positions, see Micro Copper (MHG); for precious metals, start with the gold futures hub or COMEX Silver (SI). Copper traders can apply online or ask us for a commission quote.

What Moves COMEX Copper Prices?

Copper is closely tied to construction, power and manufacturing, which is why it is often watched as a gauge of industrial activity. HG traders follow the factors below; they describe the market, not a forecast.

Chinese demand: China consumes roughly half of the world refined copper, so its property, grid and manufacturing activity matter to prices.
Electrification: power grids, electric vehicles, charging networks and renewable energy use large amounts of copper wiring.
Mine supply: output from Chile, Peru, the Democratic Republic of Congo and other producers, along with strikes or disruptions at large mines.
Inventories: stocks held in COMEX, LME and Shanghai warehouses show how much metal is readily available.
Trade policy and the dollar: tariffs can change the price relationship between COMEX and LME copper, and a stronger dollar affects buyers outside the U.S.

At $250 per one cent move, a 10 cent change in copper equals $2,500 per HG contract. Futures trading involves substantial risk of loss.