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Copper July 2025 Contracts Onwards

The document outlines the contract specifications for copper futures, including details on trading periods, margins, delivery units, and quality specifications. It specifies the trading unit as 2500 kilograms, with a maximum order size of 70,000 kilograms, and outlines the delivery process and pricing mechanisms. Additionally, it provides a contract launch calendar for copper futures contracts expiring from January 2025 to April 2026.

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42 views4 pages

Copper July 2025 Contracts Onwards

The document outlines the contract specifications for copper futures, including details on trading periods, margins, delivery units, and quality specifications. It specifies the trading unit as 2500 kilograms, with a maximum order size of 70,000 kilograms, and outlines the delivery process and pricing mechanisms. Additionally, it provides a contract launch calendar for copper futures contracts expiring from January 2025 to April 2026.

Uploaded by

kritinbansal2000
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Contract Specifications of Copper

Symbol COPPER
Description COPPERMMMYY
Contract Listing Contracts are available as per the Contract Launch Calendar.
Contract Start Day 1st day of contract launch month. If 1st day is a holiday, then the
following working day.
Last Trading Day Last calendar day of the contract expiry month. If last calendar
day is a holiday, then preceding working day.
Trading
Trading Period Mondays through Fridays
Trading Session Monday to Friday: 09.00 a.m. to 11.30 p.m. / 11.55 p.m*
(*based on US daylight saving time period)
Trading Unit 2500 Kilograms (2.5 MT)
Quotation/ Base value 1 Kg
Price Quote Ex-Warehouse Thane district (excludes only GST)
Maximum Order Size 70,000 Kilograms (70 MT)
Tick Size (Minimum 5 Paisa per kg
Price Movement)
Daily Price Limits The Exchange has implemented a narrower slab of 4%.
Whenever the narrower slab is breached, the relaxation will be
allowed up to 6% without any cooling off period in the trade. In
case the daily price limit of 6% is also breached, then after a
cooling off period of 15 minutes, the daily price limit will be
relaxed up to 9%.

In case price movement in international markets is more than the


maximum daily price limit (currently 9%), the same may be
further relaxed in steps of 3%.

Initial Margin* Minimum 8% or based on SPAN whichever is higher


Extreme Loss Margin Minimum 1%
Additional and/or In case of additional volatility, an additional margin (on both buy
Special Margin & sell side) and/ or special margin (on either buy or sell side) at
such percentage, as deemed fit; will be imposed in respect of
all outstanding positions.

Maximum Allowable For individual clients: 7000 MT or 5% of the market wide open
Open Position position, whichever is higher for all Copper contracts combined
together.

For a member collectively for all clients: 70,000 MT or 20% of the


market wide open position, whichever is higher for all Copper
contracts combined together.
Delivery
Delivery Unit 2500 Kilograms (2.5 MT) with tolerance limit of + / - 10%
Delivery Center Ex-Warehouse at Thane district in Maharashtra

As per SEBI circular SEBI/HO/CDMRD/DMP/P/CIR/2021/551


dated April 16, 2021, the exchanges may accredit warehouses of a
WSP within 100 kms radius of the delivery centers
Additional Delivery 1. National Capital Region (NCR)
Centre (s) 2. Chennai district in Tamil Nadu
3. Kolkata district in West Bengal

As per SEBI circular SEBI/HO/CDMRD/DMP/P/CIR/2021/551dated


April 16, 2021, the exchanges may accredit warehouses of a WSP
within 100 kms radius of the delivery centers

Quality Specifications & Copper Cathodes


Shape
Metal should comply to both the following:

1. Produced by License holders of (BIS) grade IS 191:2007.


2. Brand(s) approved by either MCX or LME #

For quality assessment, reliance shall be placed by the WSP on the


Certificate of Analysis (CoA) issued by the producer.

# List available on
https://www.mcxccl.com/warehousing- logistics/lmeapproved-brands

Additional Deliverable NIL


Grade
Delivery Period Delivery period margins shall be higher of:
Margin** a. 3% + 5 day 99% VaR of spot price volatility
or
b. 25%
Staggered Delivery The staggered delivery tender period would be the last 3 trading
Tender Period days (including expiry day) of the contracts.

The seller/buyer having open position shall have an option, of


submitting an intention of giving/taking delivery, on any day during
the staggered delivery period.

On expiry of the contract, all the open positions shall be marked


for compulsory delivery.
Delivery allocation Delivery intentions of Seller(s) shall be randomly allocated to
ensure that all buyers have an equal opportunity irrespective of
the size or value of the position. However, preference may be
given to buyers who have given an intention of taking delivery.

Pay-in will be on T+1 working days i.e. excluding Saturday,


Sunday & Public Holiday.

The buyer to whom the delivery is allocated will not be allowed to


refuse taking delivery. If the seller fails to deliver, the penal
provisions as specified for seller default shall be applicable.
Delivery order rate On Staggered Delivery Tender Days:

The delivery order rate (the rate at which delivery will be


allocated) shall be the closing price (weighted average price of
last half an hour) on the respective tender day except on the
expiry date.

On Expiry:
On expiry date, the delivery order rate or final settlement price
shall be the Due Date Rate (DDR) and not the closing price.
Due Date Rate The Final Settlement Price (FSP) shall be arrived at by taking the
(Final Settlement Price) simple average of the last polled spot prices of the last three
trading days viz.,E0 (expiry day), E-1 and E-2.

In the event the spot price for any one or both of E-1 and E-2 is
not available; the simple average of the last polled spot price of
E0, E-1, E-2 and E-3, whichever available, shall be taken as
FSP. Thus, the FSP under various scenarios of non-availability of
polled spot prices shall be as under:

Scenario Polled spot price availability on FSP shall be


E0 E‐1 E‐2 E‐3 simple
average of
last polled
spot prices
on:
1 Yes Yes Yes Yes/No E0, E‐1, E‐2
2 Yes Yes No Yes E0, E‐1, E‐3
3 Yes No Yes Yes E0, E‐2, E‐3
4 Yes No No Yes E0, E‐3
5 Yes Yes No No E0, E‐1
6 Yes No Yes No E0, E‐2
7 Yes No No No E0

In case of non-availability of polled spot price on expiry day


(E0)/predetermined number of days due to sudden closure of
physical market under any emergency situations noticed,
Clearing Corporation shall decide further course of action for
determining FSP and which shall be in accordance with
MCXCCL circular no. MCXCCL/SPOT/077/2020 dated April 13,
2020.
On the day of expiry, the trading shall be allowed up to 5pm.
Delivery Logic Compulsory Delivery

* A) The Margin Period of Risk (MPOR) shall be in accordance with SEBI Circular no.
SEBI/HO/CDMRD/DRMP/CIR/P/2020/15 dated January 27, 2020. For applicable minimum
MPOR, refer latest circulars issued by MCXCCL from time to time.

B) For all the applicable margins, refer the latest circulars issued by the Exchange or Multi
Commodity Exchange Clearing Corporation Limited (MCXCCL) from time to time.

**Delivery Period Margin-As per SEBI directive SEBI/HO/CDMRD/DRMP/CIR/P/2016/77


dated September 01, 2016.
Contract Launch Calendar for Copper Futures contracts
expiring during the year 2025 and onwards on a continuous basis

Contract Launch Month Contract Expiry Month


January 2025 May 2025
February 2025 June 2025
March 2025 July 2025
April 2025 August 2025
May 2025 September 2025
June 2025 October 2025
July 2025 November 2025
August 2025 December 2025
September 2025 January 2026
October 2025 February 2026
November 2025 March 2026
December 2025 April 2026

(Reference Circular no MCX/TRD/102/2025 dated February 21, 2025)

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