Copper Futures Contract Specifications (HG)
COMEX copper is a 25,000 pound contract priced in cents per pound. One tick is five hundredths of a cent, worth $12.50. It is the only major industrial metal future and the closest thing to a pure read on global growth.
Specifications
| Contract unit | 25K lbs |
| Exchange | COMEX/CME |
| Symbol | HG |
| Tick size | 0.0005 |
| Tick value | $12.5 |
| Point value | $25,000.00 |
| Delivery months | All |
Margin is set by the exchange and your broker and moves with volatility. Use the margin calculator with your broker's live figure.
Reading the quote — the part that confuses people
Copper quotes in cents per pound, not dollars. A price of 4.2500 means $4.25 per pound. One full point — one cent — is $250 per contract (25,000 lb × $0.01). One tick is 0.05 cents, which is $12.50.
| Quote moves from | To | Change | Per contract |
|---|---|---|---|
| 4.2500 | 4.2600 | 1 tick (0.05¢) | $12.50 |
| 4.2500 | 4.3500 | 10 ticks (0.5¢) | $125.00 |
| 4.2500 | 5.2500 | 100 ticks (1¢) | $250.00 |
| 4.2500 | 4.5000 | 25¢ | $6,250.00 |
Traders routinely misread this by a factor of 100. Copper at "4.25" is $4.25/lb, not $0.0425. If your spreadsheet divides by 100 you will size the position 100 times wrong.
The contract family
| Contract | Symbol | Size | Tick value |
|---|---|---|---|
| Copper | HG | 25,000 lb | $12.50 |
| E-mini Copper | QC | 12,500 lb | $25.00 |
| Micro Copper | MHG | 2,500 lb | $1.25 |
Note again the E-mini trap: QC is half the size of HG but has double the tick value, because its minimum increment is 0.2 cents instead of 0.05. Same pattern as gold and silver.
Why copper is called "Dr. Copper"
Because its demand is almost entirely industrial — construction, wiring, motors, EVs, grid infrastructure — copper prices have historically tracked global economic activity closely enough that the market treats it as a leading indicator.
- China is the marginal buyer — roughly half of global copper demand, so Chinese credit growth and property data move the price
- Mine supply is slow — a new copper mine takes 10–15 years from discovery to production, so supply cannot respond quickly
- Inventories are visible — LME, COMEX and SHFE warehouse stocks are published and act as a real-time tightness gauge
- The dollar — priced in USD, so a stronger dollar mechanically pressures the price
Context, not a forecast.
Delivery and the roll
HG trades every month with liquidity concentrated in the nearest active months — typically March, May, July, September and December. The contract settles physically against Grade 1 copper cathodes at approved COMEX warehouses. Retail accounts must roll or close before first notice day.
More metals contracts
- E-mini Gold (QO) — 50 oz, $12.50 per tick
- Gold (GC) — 100 oz, $10 per tick
- E-micro Silver (SIL) — 1,000 oz, $10 per tick
- E-mini Copper (QC) — 12,500 lbs, $25 per tick
- Silver (SI) — 5,000 oz, $25 per tick
- Platinum (PL) — 50 oz, $5 per tick
Full list: all 135 contract specifications.
Frequently asked
How much is one cent in copper futures?
$250 per HG contract. One tick — 0.05 cents — is $12.50.
Why is copper quoted in cents rather than dollars?
Convention from the physical trade, where copper is priced in cents per pound. The front-month price around $4.25 means 425 cents.