Copper
History and Origins Copper was discovered around 8000 BC and was one of the first metals worked by man. Its colour, softness and presence in its native state enabled it to be easily mined and fashioned into primitive utensils, tools and weapons. It has been found to be a very efficient conductor of electricity and offers good resistance to corrosion. It is a prime constituent of brass and bronze. By the mid 1800's Britain had developed superior smelting technology and controlled more than three quarters of the world's copper trade, although the discovery of major copper deposits in North America, Chile and Australia challenged that position. By the twentieth century, new mining and smelting methods were developed and reserves were boosted by the discovery of major copper ore deposits in Central Africa. Copper is now the world's third most widely used metal, after iron and aluminium.
There are two main elements of production in the copper industry. Producers are involved in the mining, smelting and/or refining of copper ore. Fabricators use the refined cathode copper and wire rod supplied by producers to make a range of products e.g. electrical cable, sheet copper, powder, forgings etc. Some of these products undergo further metalworking, whilst others are used as end-products.
World wide mine production exceeds 14 million tonnes and there are huge resources, both land and sea based. Chile and Canada are the the world's largest copper producers.
Copper's importance in world markets and its price responsiveness to world events makes copper futures and options important risk management tools, as well as attractive speculative instruments. The two main futures markets for copper are the London Metal Exchange and COMEX, a division of the New York Mercantile Exchange (NYMEX) in the United States.
Copper Grade A - LME Specifications
Quality: Electrolytic Copper cathodes Grade A
Trading unit: 25 MT
Price Quotation: $ US
Trading Months:
Daily for 3 months forward, then every Wednesday for the next 3 months, then every 3rd Wednesday of the month for the next 21 months. (A total of 27 months forward)
Minimum Fluctuation: $0.50 per metric tonne
Tick Value: $12.50
Aluminium
History and Origins Aluminium has been used for over 100 years as a lightweight and low cost construction alternative to steel, wood and other materials. Aluminium was discovered by Friedrich Wholer in 1827, but it was not until 1895 that a feasible means of production was developed.
Production and Trade Most aluminium is produced from bauxite, the main supplies of which are found in Australia, South America, India, the Caribbean and Africa. Aluminium has a higher strength to weight ration than most other metals or materials. Aluminium ingots are used mostly for foundry castings. Semi-fabricated products make up the majority of the market, with the primary users being the automotive industry and containers and packaging industries.
Total world production exceeds 23 million metric tonnes per annum with the USA, Russia, China and Canada accounting for over 50%.
The primary futures market for aluminium is the London Metal Exchange, although the New York Mercantile Exchange listed an alternative contract in early April 1999.
Primary Aluminium - LME Specifications
Quality: Primary Aluminium 99.70% purity
Trading Unit: 25 MT
Price Quotation: $ US
Trading Months:
Daily for 3 months forward, then every Wednesday for the next 3 months, then every 3rd Wednesday of the month for the next 21 months. (A total of 27 months forward)
Minimum Fluctuation: $0.50 per metric tonne
Tick Value: $12.50
Aluminum Alloy - LME Specifications
Special Contract Rules
Size of Lot: 20 tonnes
Major Currency:
The LME uses US Dollars as its major currency for each contract, the currency in which dealings on the floor are transacted and which is used for the announcement of the official prices. However, Sterling, Euro and Japanese Yen also constitute good currencies for clearing purposes for all LME metals. Therefore the LME announces the exchange rates each day that the clearing house will use for evaluating the settlement prices.
Minimum Price Movement: 50 cents per tonne
Delivery Dates:
Daily for 3 months forward, then every Wednesday for the next 3 months and then every third Wednesday of the month for the next 21 months. (A total of 27 months forward).
Quality:
The aluminium alloy delivered under this contract shall be aluminium alloy conforming to one of the specifications listed below:
a) A380.1 produced in conformity with The Aluminum Association Inc. specification (1989)
b) 226 produced in conformity with GBD-AlSi9Cu3 as described in DIN standard 1725 (1986)
c) D12S produced in conformity with JIS H2118-1976, Class 12; (Note: this specification to be read in conjunction with the provision that there be an allowance as follows: Others, total 0.50% max., Al remainder)
The aluminium alloy delivered under this contract shall be of brands listed in the LME-approved list of aluminium alloy brands.
Shapes & Weights:
Aluminium alloy delivered must be in ingot form and shall be securely strapped with galvanised or protectively-coated steel or polypropylene band in 500 to 1,000 kg bundles of equal weight suitable for stacking. Since 17th August 1999, one makeweight bundle in any one lot is permissible. Ingot weight shall be within the permitted range 4 to 14 kg each, with all ingots in any one lot being of the same weight and size. Ingots shall not exceed 800mm length - the only exception to be the cast feet on which bundles may be stacked.
North American Special Aluminium Alloy (NASAAC)
With a modified A380.1 specification, this new aluminium alloy contract, has been designed following intensive discussions with all segments of the North American secondary aluminium industry. It has a specification that reflects the production and consumption of aluminium alloy in the US and is restricted to delivery points within the region.
The use of aluminium alloy, particularly for the production of lightweight engine parts, has been teadily growing internationally over recent years. There is every indication that this growth will continue in the foreseeable future. For this reason the LME introduced an aluminium alloy contract in 1992 for futures and traded options and traded average price contracts (TAPOs) were added in October 2000. However, the main consumers, auto manufacturers, use different grades of alloy in different regions of the world. While the LME contract was being traded for customers in Europe and the Far East it was evident that it was not gaining acceptance in North America.
Always ready to listen to industry and to amend contract specifications if necessary, the LME entered talks with secondary smelters, scrap dealers, consumers, traders and merchants in the US to develop a special contract to meet their needs. The contract, North American Special Aluminium Alloy (NASAAC) was approved in November 2001 and given a launch date of March 4 2002 for a prompt date of June 5 2002. The first prompt month for traded options and TAPO contracts was set at July 2002.
As a risk management mechanism, LME contracts offer transparency with the security of clearing, stability through regulation, and a 24 hour global trading structure that are the hallmarks of the world’s leading non-ferrous metal exchange.
In terms of transparency, to meet the increasing demand for clearer and quickly delivered information, the London Metal Exchange operates a comprehensive price-reporting system. The system enables vendors of LME prices (ie. Metalprices.com) to provide their clients throughout the world with up-to-the-minute reports so that they can maintain a clear picture of what is going on at the hub of the international base metals market.
Special Contract Rules
Contract:
Aluminium alloy conforming to the special North American A380 .1 specification
8-9.5% Si, 1% Fe, 3-4% Cu, 0.5% Mn, 0.1% Mg, 0.5% Ni, 2.9% Zn, and 0.35% Sn
Size of Lot: 20 tonnes (with a tolerance of +/- 2%)
Major Currency:
The LME uses US Dollars as its major currency for each contract, the currency in which dealings on the floor are transacted and which is used for the announcement of the official prices. However, Sterling, Euro and Japanese Yen also constitute good currencies for clearing purposes for all LME metals. Therefore the LME announces the exchange rates each day that the clearing house will use for evaluating the settlement prices.
Minimum Price Movement: 50 US cents per tonne
Delivery Dates:
Daily from cash to 3 months (first prompt date two working days from cash). Then every Wednesday from 3 months to 6 months. Then every third Wednesday from 7 months out to 27 months forward.
Shapes and Weights:
The aluminium delivered under this contract shall be in the form of:
- ingots in the weight range of minimum 4 kg to maximum 17.3 kg
- small sows in the weight range of minimum 408 kg to maximum 590 kg
- large sows in the weight range of minimum 567 kg to maximum 726 kg
- T-bars in the weight range of minimum 408 kg to maximum 726 kg
Nickel
History and Origins Nickel was discovered in 1751 and exists in the form of sulphide, oxide and silicate ores. A Swedish chemist produced the first relatively pure sample of nickel from an ore called Kupfernickel. Factors which make nickel valuable are its strength, corrosion resistance, high ductility, good thermal and electrical conductivity, magnetic characteristics and catalytic properties.
Production and Trade Approximately two thirds of the world's nickel consumption is utilised for the production of stainless steel. World demand for stainless steel has been growing at a rate of 4.5% per year since 1975 and is expected to continue to grow at least at this rate over the next 20 years. The increase in world capacity of nickel production is not expected to be able to keep pace with the growth in consumption and a lack of economically or feasibly viable substitutes for nickel advocates further exploration for additional resources. World production of nickel now exceeds 1.08 million metric tonnes per annum with a worldwide reserve base estimated a 140 million metric tonnes. Russia, Canada, New Caledonia, Cuba and Australia are the most major of nickel.
Futures contracts in nickel are traded on the London Metal Exchange.
Primary Nickel - LME Specifications
Special Contract Rules
Size of Lot: 6 tonnes
Major Currency:
The LME uses US Dollars as its major currency for each contract, the currency in which dealings on the floor are transacted and which is used for the announcement of the official prices. However, Sterling, Euro and Japanese Yen also constitute good currencies for clearing purposes for all LME metals. Therefore the LME announces the exchange rates each day that the clearing house will use for evaluating the settlement prices.
Minimum Price Movement: $5 per tonne
Delivery Dates:
Daily for 3 months forward, then every Wednesday for the next 3 months and then every third Wednesday of the month for the next 21 months. (A total of 27 months forward).
Quality:
The primary nickel delivered under this contract must be primary nickel of minimum 99.80% purity with chemical analysis conforming to the current ASTM specification.
Shapes & Weights:
All primary nickel delivered must be:
- of the production of those producers named in the LME-approved list
- in the form of either cathodes or pellets or briquettes.
In the case of cathodes deliveries shall be made in the form of
- sizes cut to either 100mm x 100mm (4" x 4"), 50mm x 50mm (2" x 2"), or 25mm x 25mm (1" x 1"), size tolerances in accordance with internationally accepted trade practice.
- sizes of full plate, excluding loops, up to 1000mm x 1300mm maximum with a thickness range of 2mm to 15mm.
Each warrant of drummed or nickel cathodes shall consist of only one size.
All cut nickel cathodes, pellets or briquettes delivered shall be packed in sound steel drums with a net weight of minimum 150 kgs and maximum 500 kgs. On or after 16th April 1995, all such nickel delivered for warranting shall be packed in sound steel drums with an even net weight (+/- 2% more or less) of minimum 150 kgs and maximum 500 kgs. Each warrant shall consist of drums of uniform size and weight. The gross and net weights must be clearly marked/strapped on each individual drum together with the brand name.
Each warrant of full plate cathodes either comprising trimmed or untrimmed cathodes shall lie at one warehouse and be of one brand, shape and size. Each bundle of full plate cathodes placed on warrant shall be securely strapped in two dimensions with corrosion resistant material to permit safe handling and transport without bundle distortion and breakage on steel or wooden skids (pallets not permitted) with ground clearance of 75mm minimum. Bundles should not exceed 1.6 tonnes in weight and with the brand name marked indelibly either a) on clips attached to the producer's bundle strapping, or b) on producer's strapping, or c) on each cathode within each bundle or d) on an indestructible tag attached to each bundle. The lot number, gross and net weights should also be either marked indelibly on a) the top cathode within each bundle or b) an indestructible tag attached to each bundle.
Lead
Special Contract Rules
Size of Lot: 25 tonnes
Major Currency:
The LME uses US Dollars as its major currency for each contract, the currency in which dealings on the floor are transacted and which is used for the announcement of the official prices. However, Sterling, Euro and Japanese Yen also constitute good currencies for clearing purposes for all LME metals. Therefore the LME announces the exchange rates each day that the clearing house will use for evaluating the settlement prices.
Minimum Price Movement: 50 cents per tonne
Delivery Dates:
Daily for 3 months forward, then every Wednesday for the next 3 months and then every third Wednesday of the month for the next 9 months. (A total of 15 months forward).
Quality:
The standard lead delivered under this contract must be refined pig standard lead (minimum 99.97% purity). All standard lead delivered must be:
- of brands listed in the LME-approved list of standard lead brands
- in ingots weighing not more than 55 kgs each.
Shapes & Weights:
Each parcel of 25 tonnes shall lie at one warehouse and be of one brand and shall consist of ingots of one size, subject to the necessity of including different shapes and sizes at the bottom of each parcel for the purpose of palletisation. On and after 6th May 1992 each parcel placed on warrant shall be delivered securely strapped, in bundles not exceeding 1.5 tonnes. Each parcel placed on warrant between 1st June 1985 and 5th May 1992 shall be delivered securely strapped, in bundles not exceeding 1.2 tonnes. Additionally, on and after 16th October 1995, each parcel placed on warrant shall be securely strapped in bundles to permit safe handling without bundle distortion and breakage.
Tin
Special Contract Rules
Size of Lot: 5 tonnes
Major Currency:
The LME uses US Dollars as its major currency for each contract, the currency in which dealings on the floor are transacted and which is used for the announcement of the official prices. However, Sterling, Euro and Japanese Yen also constitute good currencies for clearing purposes for all LME metals. Therefore the LME announces the exchange rates each day that the clearing house will use for evaluating the settlement prices.
Minimum Price Movement: $5 per tonne
Delivery Dates:
Daily for 3 months forward, then every Wednesday for the next 3 months and then every third Wednesday of the month for the next 9 months. (A total of 15 months forward).
Quality:
The tin delivered under this contract must be refined tin of minimum 99.85% purity and conforming to BS3252:1986. Warrants issued after 16th September 1996 must conform to the chemical composition of BS EN 610:1996. All tin delivered must, therefore, be:
- of brands listed in the LME-approved list of tin brands
- either in ingots or slabs each weighing not less than 12 kgs or more than about 50 kgs.
Shapes & Weights:
Each parcel of 5 tonnes shall lie at one warehouse and be of one brand, shape and size, subject to the necessity of including different shapes and sizes at the bottom of each parcel for the purpose of palletisation. Each parcel placed on warrant shall be delivered securely strapped, in bundles not exceeding 1.2 tonnes. Additionally, on and after 18th December 1995, each parcel placed on warrant shall be securely strapped in bundles to permit safe handling without bundle distortion and breakage.
ZINC
History and Origins Zinc was discovered in 1374 in India, when calamine ore was heated to create zinc vapour. One of its prime uses in the early years was in the production of brass. Zinc's resistance to atmospheric corrosion and the discovery of a method for rolling zinc in 1805 soon meant zinc was being used in the production of sheet metal. Within a short period of time efficient processes for coating products were developed. With limited supplies of oxide ores, production of zinc from sulphides is now predominant. Since the first world war new technologies and production methods have increased the speed and efficiency of zinc production.
Production and Trade Zinc has a variety of uses, both as a co-product and a by-product of, for example, lead, silver, copper and cadmium. Zinc's primary industrial uses are in the construction, electrical and transportation industries. For many purposes, it is alloyed with another metal. Zinc is the third most widely used non ferrous metal (after aluminium and copper). Total world production now exceeds 8.2 million metric tonnes per annum. Canada, Australia and China are the three largest producers of zinc, with Australia holding the highest reserves.
The London Metal Exchange lists a futures contract in zinc.
Special High Grade Zinc - LME Specifications
Special Contract Rules
Size of Lot: 25 tonnes
Major Currency:
The LME uses US Dollars as its major currency for each contract, the currency in which dealings on the floor are transacted and which is used for the announcement of the official prices. However, Sterling, Euro and Japanese Yen also constitute good currencies for clearing purposes for all LME metals. Therefore the LME announces the exchange rates each day that the clearing house will use for evaluating the settlement prices.
Minimum Price Movement: 50 cents per tonne
Delivery Dates:
Daily for 3 months forward, then every Wednesday for the next 3 months and then every third Wednesday of the month for the next 21 months. (A total of 27 months forward).
Quality:
The zinc delivered under this contract must be zinc of minimum 99.995% purity. Zinc placed on warrant on or after 1st November 2000 must conform with the 99.995% graded zinc chemical composition of the BS EN 1179:1996 Standard entitled "Zinc and Zinc Alloys - Primary Zinc". All zinc delivered must be:
LME Plastics
Polypropylene Contract Specification
Contract Features
Polypropylene (PP) - three grades
- Homopolymer general purpose injection moulding grade. Nominal melt flow rate 12 (-2 / +3). Without additives such as slip and anti-block. Deliverable in all locations.
- “Raffia”, or fibre extrusion grade. Nominal melt flow rate 3.4 (+/- 0.5). Without additives such as slip and anti-block. This grade is only deliverable in the Singapore / Johor PTP location.
- General purpose injection moulding grade. Melt flow rate 20 (+/- 3). No additives. This grade will only be deliverable in the Houston, USA location
All grades deliverable without premium or discount to each other.
Delivery
Contracts to be deliverable monthly, on a global basis, the choice of which LME approved brand and delivery location (Houston, Antwerp / Rotterdam area and Singapore / Johor PTP) at the seller’s option, with the exception of the two new PP grades which are only deliverable in one location each, as outlined above.
Packaging
Standard delivery, 24.75 tonnes packaged on 18 pallets in 25 kilo bags (55 lb bags in USA), 55 bags per pallet, each pallet shrink /stretch wrapped and covered with a plastic hood.
Clearing
Contracts to be cleared by LCH.Clearnet (LCH)
Trading Features
Trading Times
Trading will take place in Rings at 12:20 and 15:55 and Kerbs 1-9 inclusive, on LME Select (07:00-19:00) and on the inter-office telephone market.
Contract Series
Trading will be for monthly contracts out to 15 months forward.
Contract Type
Futures contracts. Initially there will be no LME options or TAPOs contracts until liquidity in the futures contracts has reached a level to support them.
Pricing Basis
Pricing basis of the LME deliverable product will be free on truck, duty unpaid, in LME approved Fiscal Warehousing / Free Trade Zone, choice of brand and location at seller’s option.
Currency
Major trading currency is US dollars, can also be traded and cleared in J yen, euro and sterling.
Minimum Price Movement
$0.01 per tonne.
Official Prices
Official prices established as per current LME system, but basis open outcry at the end of the first Ring trading session of the day (i.e. at 12:25 London time).
Official Settlement Prices
The official monthly settlement price will be derived from the reference price set on the last business day of the month preceding the delivery month (i.e. the expiry month). This price will be the official reference offer price (seller's price) set at the end of the first Ring trading session of the day (i.e. at 12:25 London time).
Closing Prices
Daily closing prices established as per current LME system, basis open outcry in last trading session of the day (i.e. 17:00 London time).
Trading and Delivery Calendar
Cessation of Trading
Cessation of trading for the nearby delivery month (also known as the front month) will be at 19:00 London time, on the last working day of the month before the month of delivery.
Delivery
Delivery is by electronic transfer of Plastics Warrants (PWs) from seller to buyer using the LME’s SWORD system on the Settlement Day. The seller has the choice of which PWs to deliver but must ensure that the appropriate PWs are available to deliver by the deadline.
Deadline for PW Creation
12:00 London time on the working day prior to PW transfer date.
Settlement Day
The Third Wednesday of each calendar month. This is the day when all plastics contracts are settled, either by payment for the cash difference between buy and sell contracts and/or for the delivery of PWs that will be transferred from seller to buyer, via the brokers and LCH.Clearnet, in fulfilment of each person’s delivery obligations. Invoicing for PWs will be basis the LME settlement price for that month.
Delivery Features
Plastics Warrants (PWs)
Each PW is a bearer document of possession (as with LME warrants) representing a specified parcel of physical product in 25 kg bags (55 lbs in USA) at facilities operated by LME approved warehouses in LME approved delivery points.
Once the warehouse has satisfactorily checked the documentation and completed its visual inspection of the bagged, palletised (shrink/stretch wrapped and covered with a plastic hood) product, it will instruct its London agent to create the relevant PWs using the LME’s SWORD system.
There will be maximum age parameters set for deliverable material so that it cannot be placed on
a PW if it has been delivered into the storage point more than two calendar months after the start date of its batch production run. It cannot be delivered against an LME contract if it is more than
six calendar months after the month of its batch production run when delivered.
Other Features
Arbitration
In case of un-resolvable disputes, arbitration will be effected via the LME arbitration procedure, and/or by other body agreed by the parties.
Law/Regulation
English Law, with regulation by LME and Financial Services Authority (FSA).
Linear Low Density Polyethylene Contract Specification
Contract Features
Linear Low Density Polyethylene butene (LL) copolymer general purpose blown film and blending grade, nominal melt flow rate 0.8, without additives such as slip and anti-block.
Delivery
Contracts to be deliverable monthly, on a global basis, the choice of which LME approved brand and delivery location (Houston, Antwerp / Rotterdam area and Singapore / Johor PTP) at the seller’s option.
Packaging
Standard delivery, 24.75 tonnes packaged on 18 pallets in 25 kilo bags (55 lb bags in USA), 55 bags per pallet, each pallet shrink /stretch wrapped and covered with a plastic hood.
Clearing
Contracts to be cleared by LCH.Clearnet (LCH)
Trading Features
Trading Times
Trading will take place in Rings at 12:20 and 15:55 and Kerbs 1-9 inclusive, on LME Select (07:00-19:00) and on the inter-office telephone market.
Contract Series
Trading will be for monthly contracts out to 15 months forward.
Contract Type
Futures contracts. Initially there will be no LME options or TAPOs contracts until liquidity in the futures contracts has reached a level to support them.
Pricing Basis
Pricing basis of the LME deliverable product will be free on truck, duty unpaid, in LME approved Fiscal Warehousing / Free Trade Zone, choice of brand and location at seller’s option.
Currency
Major trading currency is US dollars, can also be traded and cleared in J yen, euro and sterling.
Minimum Price Movement
$0.01 per tonne.
Official Prices
Official prices established as per current LME system, but basis open outcry at the end of the first Ring trading session of the day (i.e. at 12:25 London time).
Official Settlement Prices
The official monthly settlement price will be derived from the reference price set on the last business day of the month preceding the delivery month (i.e. the expiry month). This price will be the official reference offer price (seller's price) set at the end of the first Ring trading session of the day (i.e. at 12:25 London time).
Closing Prices
Daily closing prices established as per current LME system, basis open outcry in last trading session of the day (i.e. 17:00 London time).
Trading and Delivery Calendar
Cessation of Trading
Cessation of trading for the nearby delivery month (also known as the front month) will be at 19:00 London time, on the last working day of the month before the month of delivery.
Delivery
Delivery is by electronic transfer of Plastics Warrants (PWs) from seller to buyer using the LME’s SWORD system on the Settlement Day. The seller has the choice of which PWs to deliver but must ensure that the appropriate PWs are available to deliver by the deadline.
Deadline for PW Creation
12:00 London time on the working day prior to PW transfer date.
Settlement Day
The Third Wednesday of each calendar month. This is the day when all plastics contracts are settled, either by payment for the cash difference between buy and sell contracts and/or for the delivery of PWs that will be transferred from seller to buyer, via the brokers and LCH.Clearnet, in fulfilment of each person’s delivery obligations. Invoicing for PWs will be basis the LME settlement price for that month.
Delivery Features
Plastics Warrants (PWs)
Each PW is a bearer document of possession (as with LME warrants) representing a specified parcel of physical product in 25 kg bags (55 lbs in USA) at facilities operated by LME approved warehouses in LME approved delivery points.
Once the warehouse has satisfactorily checked the documentation and completed its visual inspection of the bagged, palletised (shrink/stretch wrapped and covered with a plastic hood) product, it will instruct its London agent to create the relevant PWs using the LME’s SWORD system.
There will be maximum age parameters set for deliverable material so that it cannot be placed on
a PW if it has been delivered into the storage point more than two calendar months after the start date of its batch production run. It cannot be delivered against an LME contract if it is more than
six calendar months after the month of its batch production run when delivered.
Other Features
Arbitration
In case of un-resolvable disputes, arbitration will be effected via the LME arbitration procedure, and/or by other body agreed by the parties.
Law/Regulation
English Law, with regulation by LME and Financial Services Authority (FSA).
- of brands in the LME-approved list of special high-grade zinc brands;
- in ingots (slabs and plates will be referred to as ingots) weighing not more than 55kgs each.
Shapes & Weights
Each parcel of 25 tonnes shall lie at one warehouse and be of one brand and shall consist of either slabs, plates or ingots of one size subject to the necessity of including different shapes and sizes at the bottom of each parcel for the purpose of palletisation. Each parcel placed on warrant shall be delivered securely strapped in bundles not exceeding 1.5 tonnes. Additionally, on and after 18th December 1995, each parcel placed on warrant shall be securely strapped in bundles to permit safe handling without bundle distortion and breakage.
NYMEX / COMEX Contract Specifications
High Grade Copper - NYMEX / COMEX Division
Trading Unit: 25,000 lbs
Price Quotation: US cents/lb
Trading Months:
Trading is conducted for delivery during the current calendar month and the next 25 consecutive calendar months.
Minimum Fluctuation: $0.0005 or 0.05 cents/lb
Tick Value: $12.50
Aluminium - NYMEX / COMEX Division
Trading Unit: 44,000 lbs
Price Quotation: US dollars and cents/lb
Trading Months:
Trading is conducted for delivery during the current calendar month and the next 25 consecutive calendar months.
Minimum Fluctuation: $0.0005 /lb or 0..05 cents /lb
Tick Value: $22.00
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