Copper Futures Contract Specs:
- Ticker Symbol: HG
- Exchange: NYMEX
- Trading Hours: 8:10 AM until 1:00 PM EST.
- Contract Size: 25,000 pounds.
- Contract Months: all months(Jan. - Dec.)
- Price Quote: price per barrel. Ex $3.50 per pound
- Tick Size: $0.0005 per pound ($12.50 per contract).
- Last Trading Day: close of business on the third to last business day of the delivery month.
Copper Fundamentals :
Copper is an industrial metal that is mainly used in building construction (electrical and plumbing). Copper is an excellent conductor of electricity and is very resistant to corrosion.
Copper is often considered an accurate indicator of economic growth. An economic expansion is usually present or beginning if demand for copper is increasing.
The largest producers of copper are Chile, Peru, South Africa, North America, and Russia. In the US, Arizona is responsible for about 65 percent of production. The US, Russia, and Japan are the three largest consumers of copper.
Copper Reports:
The main report for copper futures is the Copper - High Grade Warehouse Stocks. This report indicates whether copper supplies are increasing or decreasing.
Tips on Trading Copper Futures:
- Strikes, shipping problems and political unrest in Chile, Peru and South Africa can cause a decrease in supplies of copper and cause copper futures to rally.
- The price of copper futures is often tied to the rate of new homes being built and general construction.
- China has become a major user of copper and accounts for an increasing amount of demand for copper.
