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CME Group staff determines the settlement of the expiring Copper futures (HG) contract by following the regular daily settlement procedures for non-active months. The expiring contract, considered to be a non-active month, is settled based on relevant spread relationships on CME Globex throughout the 30 minute settlement period (for Deferred Months) up to expiration.
Additional Details
Copper (HG) futures are physically delivered upon expiration. For additional details on delivery, please see the COMEX Rulebook (Chapter 111):
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Settlement prices for the E-mini Copper futures (QC) may differ slightly from the "true" settlement price displayed on CME Group’s Daily Bulletin. These slight variances in settlements are the result of rounding due to differences in the minimum tick sizes between the E-mini Copper futures (QC) and the full-sized contracts. Additionally, the settlement price displayed on the CME Group’s Daily Bulletin matches that of the full-sized Copper futures (HG) for purposes of marking-to-market, as the contracts are off-settable. The E-mini Copper futures (QC) trade in .002 increments and the full-size Copper futures (HG) trade in .0005 increments.
For Example:
If the HGX2 settles 3.6965, then the QCX2 would settle 3.6960.
Final Settlement
CME Group staff determines the settlement of the expiring E-Mini Copper futures (QC) contract by following the regular daily settlement procedure.
Additional Details
E-Mini Copper (QC) futures are cash settled upon expiration. For additional details, please see the COMEX Rulebook (Rule 913.07).
Micro Copper Futures
Normal Daily Settlement Procedure
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https://www.cmegroup.com/content/dam/cmegroup/rulebook/COMEX/11/1190.pdf
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