This contract prices Grade 1 Copper and is cash-settled.
Contract Details
Symbol SMCOPPERCH
Trading Unit 5 Metric Tons (MT)
Price Quotation Currency US dollars per metric ton (e.g. US$ 8711)
Price Quotation Unit 1 MT
Tick Size US$ 1 (US$ 5 per contract)
Trading Hours 1000 to 0200 (0100 during US Daylight Saving Time) SGT Monday to Friday
Contract Months Mar, May, Jul, Sep, Dec. Three contracts shall be listed for trading at any time.
Last Trading Day Last Business Day of the month preceding the maturing contract month
Settlement Cash
Final Settlement Price The New York futures settlement price of grade 1 electrolytic Copper (High Grade) for the Contract Month on the Last Trading Day, multiplied by the Quotation Unit Conversion Rate, and rounded to the nearest full dollar.
Quotation Unit Conversion Rate The Quotation Unit Conversion Rate shall be 2204.623/100 or 22.04623
Daily Price Limit None
Position Limits Customer level: 36,000; 2700 during the last three days of trading
Member level: Higher of 108,000 contracts or 25% of the market-wide open position
Grade/Quality Grade 1 electrolytic copper conforming to B115 (ASTM)
Commodity Group Base Metals
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Scope

The provisions herein shall apply to all COPPER Cash Futures Contracts transacted on the Exchange. Procedures for trading, clearing, settlement and any other matters not specifically covered herein shall be governed by SMX and SMXCC Rules.

Contract Symbol

SMCOPPERCH

Contract Designation
SMCOPPERCHDDMMMYYYY, where SMCOPPERCH is the contract symbol and DDMMMYYYY refers to the Contract Month (e.g. March 2011 Contract = SMCOPPERCH28FEB2011).
Grade/Quality
The SMX COPPER Cash Futures Contract prices Grade 1 electrolytic copper (High Grade), conforming to the specification B115 as adopted by the American Society for Testing and Materials (ASTM).
Contract Size
The traded quantity for the Contract shall be 5 Metric Tons (MT).
Quotation Basis
All bids and offers to buy or sell SMX COPPER Cash Futures Contracts shall be quoted in U.S. dollar per MT (e.g. US$8711).
Minimum Tick Size
The minimum tick size for all bids and offers to buy or sell SMX COPPER Cash Futures Contracts shall be one U.S. dollar (US$ 1) per MT (equivalent to US$ 5 per Contract).
Contract Months
Trading shall be conducted for March, May, July, September and December contract month. Three contracts shall be listed for trading at any time. A new Contract Month shall be listed on the first Business Day following the Last Trading Day of an expiring Contract Month.
Trading Hours
The Trading Hours shall be 1000 to 0200 SGT (0100 during U.S. Daylight Savings Time).
Trading Days
Trading shall be conducted Monday through Friday.
Last Trading Day
The Last Trading Day for SMX COPPER Cash Futures Contracts shall be the last Business Day of the month preceding the maturing contract month, unless such day is a holiday in the United States, in which case the Last Trading Day will be the first preceding Business Day that is not a holiday in the United States.
Daily Price Range
There shall be no Daily Price Range (DPR) imposed on any bids or offers to buy or sell SMX Copper Cash Futures Contracts.
Position Limits
The Customer level limit shall be not more than 36,000 Contracts net long or net short in all Contract Months combined, unless a Customer has received a Position Limit Exemption as provided for and governed by SMX Notice 3004 and any subsequent changes specified by the Exchange and/or Clearing Corporation in an amendment or new Notice as may be issued from time to time. The Customer level limit shall also apply to each Broker Member, Trade Member and Remote Member Proprietary Account. Notwithstanding the forgoing, in no event shall a Customer, Broker Member Proprietary Account, Trade Member Proprietary Account or Remote Member Proprietary Account own or control more than 2700 Contracts net short or net long in the last three days of trading in the maturing Contract Month.

The Member level limit, being applied to each Broker Member's and Remote Member's combined Customer and proprietary accounts, shall be not more than the higher of 108,000 Contracts net long or net short in all Contract Months combined or twenty-five percent (25%) of open interest in all Contract Months combined, unless Customer(s) of such Member has received a Position Limit Exemption as provided for and governed by SMX Notice 3004 and any subsequent changes specified by the Exchange and/or Clearing Corporation in an amendment or new Notice as may be issued from time to time.
Daily Settlement Price
The Daily Settlement Price (DSP) shall be computed and published as provided for and governed by SMX Notice 3005 and any subsequent changes specified by the Exchange and/or Clearing Corporation in an amendment or new Notice as may be issued from time to time.
Final Settlement Price
The Exchange shall publish a Final Settlement Price (FSP) which shall be the New York futures settlement price of grade 1 electrolytic Copper (High Grade) for the Contract Month on the Last Trading Day, multiplied by the Quotation Unit Conversion Rate, and rounded to the nearest full dollar.
Quotation Unit Conversion Rate
The Quotation Unit Conversion Rate shall be 2204.623/100 or 22.04623.
Final Settlement
All remaining open positions at the end of trading on the Last Trading Day for the Contract Month shall be cash-settled at the Final Settlement Price.
Exchange for Physical (EFP)/Exchange for Swaps (EFS) Transactions
EFP and EFS transactions shall be allowed in a manner as specified in SMX Notice 3006 and any subsequent changes specified by the Exchange and/or Clearing Corporation in an amendment or new Notice as may be issued from time to time.

Introduction

  • Copper ranks third in world metal consumption, after steel and aluminium.
  • It occurs naturally in the Earth’s crust, and is found in pure “native” form, as well as in sulphide, carbonate and silicate deposits.
  • Copper is one of the most recycled metals and it is hard to distinguish between primary copper and recycled copper.

Demand

  • Copper is used by the electrical industry; in construction; in the production of telecommunication equipment; in the manufacture of trains, ships, airplanes and cars; in the making of industrial machinery and equipment; in minting coins; and in manufacturing various consumer products.
  • Japan, Spain, China and Germany are the largest importers of copper.
  • Demand comes from growth and development in the building and construction sector and electrical and electronics industries

Supply

  • Economic, technological and societal factors influence the supply and demand of copper. As society’s need for copper increases, new mines and plants are introduced, and existing ones are expanded.
  • The metal is available in most regions of the world and is today produced in most countries. Approximately 88 percent of copper produced comes from primary sources, while the remaining 12 percent is secondary or recycled copper.
  • Chile, Indonesia, Australia and Canada are the largest exporters of copper.
  • The United States and Europe generate the largest amount of copper and copper alloy scrap, which is then recycled and reused.

Disclaimer: The information and contents (the 'Contents') are provided without warranties of any kind. SMX and/or its officers and employees do not warrant and hereby disclaim any warranty as to the accuracy, correctness, reliability, currentness, timeliness, non-infringement, title, merchantability or fitness for any particular purpose of the Contents. SMX and/or it officers and employees shall not be liable for any damage or loss of any kind, howsoever caused as a result (direct or indirect) of the use of the Contents, including but not limited to any damage or loss suffered as a result of reliance on the Contents. The Contents do not constitute professional advice or provision of any kind of services and should not be relied upon as such. SMX and/or its officers and employees do not make any recommendation and assume no responsibility towards any investments or trading in commodities or commodity futures done based on any information given in the Contents and any such investment or trade is subject to investment and commercial risks for which SMX and/or its officers and employees shall not be responsible. If financial, investment or any other professional advice is required, please seek the advice of competent professionals.

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