COMEX · Metals · Futures
COMEX Copper (HG) is the global industrial-metal benchmark: 25,000 pounds, physically delivered, traded nearly 24 hours a day.
| Symbol | Contract | Per 1¢ | Tick value | Size |
|---|---|---|---|---|
| HG | Copper | $250.00 | $12.50 | This contract |
| MHG | Micro Copper | $25.00 | $1.25 | 1/10 of HG |
Source: CME Group contract specifications · reviewed Sep 30, 2026
| Contract | Roll date | First notice | Last trading day | Days left |
|---|---|---|---|---|
| HGZ26 Dec 2026 Active | Tue, Nov 24, 2026 | Mon, Nov 30, 2026 | Tue, Dec 29, 2026 | 91 |
| HGH27 Mar 2027 | Tue, Feb 23, 2027 | Fri, Feb 26, 2027 | Mon, Mar 29, 2027 | 181 |
| HGK27 May 2027 | Tue, Apr 27, 2027 | Fri, Apr 30, 2027 | Wed, May 26, 2027 | 239 |
| HGN27 Jul 2027 | Fri, Jun 25, 2027 | Wed, Jun 30, 2027 | Wed, Jul 28, 2027 | 302 |
| HGU27 Sep 2027 | Thu, Aug 26, 2027 | Tue, Aug 31, 2027 | Tue, Sep 28, 2027 | 364 |
| HGZ27 Dec 2027 | Wed, Nov 24, 2027 | Tue, Nov 30, 2027 | Wed, Dec 29, 2027 | 456 |
Roll. The date shown is three business days before first notice, when speculators roll to the next active month.
First notice day. Last business day of the month before the contract month. Longs can be assigned delivery from here on – brokers usually require longs to be closed or rolled before this date.
Last trading day. Third last business day of the contract month.
US exchange holidays ahead: Nov 26 · Dec 25 · Jan 1 · Jan 18 · Feb 15 · Mar 26 · May 31 · Jun 18
Calculated from exchange rules and the US exchange holiday calendar. Confirm with the CME Group expiration calendar.
| Session | Eastern (ET) | Central (CT) | Your time |
|---|---|---|---|
| CME Globex (electronic) | Sun–Fri 6:00 p.m. – 5:00 p.m. | Sun–Fri 5:00 p.m. – 4:00 p.m. | – |
| Daily maintenance break | Mon–Thu 5:00 – 6:00 p.m. | Mon–Thu 4:00 – 5:00 p.m. | – |
| US day session (reference) | Mon–Fri 8:10 a.m. – 1:00 p.m. | Mon–Fri 7:10 a.m. – 12:00 p.m. | – |
| Daily settlement | 1:00 p.m. | 12:00 p.m. | – |
Holiday hours differ – check the exchange holiday calendar before trading around US holidays. ET is New York time, CT is Chicago time (always one hour behind ET).
| Contract | Maintenance |
|---|---|
| HGZ26 Dec 2026 Active | $12,000 |
| Jan 2027 – May 2027 | $12,000 |
| Jun 2027 – Sep 2031 | $12,000 |
Exchange margins are the minimum your clearing firm must collect for positions held overnight. Brokers may require more – and usually offer much lower day-trading margins for positions closed before the session ends. A neutral broker day-margin comparison is coming soon.
−112,575 net contracts
−14,557 vs. prior week · −37.3% of OI
Movement (6 wk): −14
Producers, merchants, processors and users hedging physical business – the classic commercials. They tend to buy weakness and sell strength.
+12,140 net contracts
−1,491 vs. prior week · +4.0% of OI
Movement (6 wk): +17
Swap dealers – banks hedging OTC swaps, including commodity index money. Often structurally positioned; read against their own range, not the sign.
+82,522 net contracts
+17,416 vs. prior week · +27.4% of OI
Movement (6 wk): ±0
Managed money – CTAs, commodity pools and hedge funds. Trend followers; their positioning tends to peak near turning points.
| Group | Long | Short | Net | Δ 1 wk | Δ 4 wk | Index 26 wk | Index 3 yr | Move 6 wk |
|---|---|---|---|---|---|---|---|---|
| Producers / Merchants | 29,092 | 141,667 | −112,575 | −14,557 | −12,552 | 6 | 2 | −14 |
| Swap Dealers | 55,201 | 43,061 | +12,140 | −1,491 | +7,166 | 28 | 21 | +17 |
| Managed Money | 96,421 | 13,899 | +82,522 | +17,416 | +6,251 | 100 | 100 | ±0 |
| Other Reportables | 32,977 | 24,977 | +8,000 | −2,028 | −995 | 79 | 67 | +17 |
| Nonreportables | 19,399 | 9,486 | +9,913 | +660 | +130 | 44 | 66 | −5 |
| Group | Long | Short | Net | Δ 1 wk | Δ 4 wk | Index 26 wk | Index 3 yr | Move 6 wk |
|---|---|---|---|---|---|---|---|---|
| Commercials | 92,911 | 193,346 | −100,435 | −16,048 | −5,386 | 8 | 3 | +3 |
| Non-Commercials | 129,398 | 38,876 | +90,522 | +15,388 | +5,256 | 96 | 98 | −2 |
| Nonreportables (small) | 19,399 | 9,486 | +9,913 | +660 | +130 | 44 | 66 | −5 |
| Report date | Producers / Merchants | Swap Dealers | Managed Money | Other Reportables | Nonreportables | Open interest |
|---|---|---|---|---|---|---|
| Sep 22, 2026 | −112,575 | +12,140 | +82,522 | +8,000 | +9,913 | 301,657 |
| Sep 15, 2026 | −98,018 | +13,631 | +65,106 | +10,028 | +9,253 | 289,463 |
| Sep 8, 2026 | −111,865 | +7,221 | +82,154 | +10,322 | +12,168 | 297,491 |
| Sep 1, 2026 | −97,022 | +4,915 | +72,882 | +7,987 | +11,238 | 282,640 |
| Aug 25, 2026 | −100,023 | +4,974 | +76,271 | +8,995 | +9,783 | 283,299 |
| Aug 18, 2026 | −96,274 | +6,134 | +78,648 | +1,100 | +10,392 | 281,563 |
| Aug 11, 2026 | −97,517 | +6,271 | +79,027 | +1,361 | +10,858 | 297,047 |
| Aug 4, 2026 | −92,844 | +6,675 | +75,758 | +1,365 | +9,046 | 289,395 |
| Jul 28, 2026 | −85,279 | +9,118 | +65,008 | +2,273 | +8,880 | 274,552 |
| Jul 21, 2026 | −91,208 | +9,096 | +71,515 | +2,462 | +8,135 | 270,048 |
| Jul 14, 2026 | −86,384 | +12,768 | +60,185 | +4,200 | +9,231 | 259,873 |
| Jul 7, 2026 | −90,983 | +17,813 | +58,784 | +5,488 | +8,898 | 250,948 |
Source: CFTC Public Reporting Environment · contract market code 085692 (COPPER- #1 - COMMODITY EXCHANGE INC.)
Before commissions and exchange fees. Prices round to the nearest tick of 0.0005.
One tick is $0.0005 per pound, worth $12.50 per contract. A 1-cent move is worth $250 on HG and $25 on Micro Copper (MHG).
The last business day of the month before the contract month.
The COT Index places a group's current net position within its own range over a lookback window: 100 = the most net long in that window, 0 = the most net short. It measures positioning extremes, not timing.