Copper Futures Expiration and Delivery Explained
Learn HG expiration: third-last-business-day termination, first-to-last-business-day delivery window, Grade 1 cathode rules, rolls, and broker instructions.
Direct answer
Copper futures are physically deliverable, not cash settled. No HG trades for the current month may occur after the third last business day of that month, while delivery may occur on any business day from the first business day through the last business day of the delivery month. Deliverable copper must be Grade 1 electrolytic cathode of one approved brand with a weighmaster certificate, and EFRP liquidation remains available until noon on the business day after termination.
The HG delivery month defines a window, not a single day
Expiration and delivery belong to one named HG contract month and year. Unlike third-Wednesday currency futures, the HG delivery period spans the whole month: any business day from the first through the last business day of the delivery month can host a delivery. Preserve the exact month-year before joining a rulebook statement to a calendar or an account instruction.
What Copper futures are explains the 25,000-pound unit and deliverable design. How to read Copper futures quotes helps distinguish a named contract from a continuous series or an unlabelled price.
HG termination stops current-month trading on the third last business day
No trades in current-month HG may occur after the third last business day of that month. This business-day-count rule ends the trading window while the delivery window keeps running. Contracts still open past that point face delivery, EFRP liquidation until noon the next business day, or broker action, never another ordinary trading session.
What happens when a futures contract expires sketches the general futures lifecycle, but it cannot replace the current HG calendar for a named contract.
Deliverable HG cathodes follow grade, brand, and weighing rules
Delivery requires 25,000 pounds of Grade 1 electrolytic cathode meeting ASTM B115, from a single Exchange-approved brand, weighed by a licensed weighmaster with a weight certificate, declared by a designated warehouse without freight allowance. Copper placed before an ASTM revision stays eligible, and Chapter 111 points to Chapter 7 for the broader framework.
Cash-settled versus physically delivered futures contrasts the two settlement designs, and HG is a canonical deliverable-base-metal example. Futures first notice and last trading day keeps generic deadline vocabulary apart from the product-specific HG window.
First business day through last business day bounds the HG handoff
Delivery may begin on the first business day of the delivery month and run through the last business day. Retain the exchange calendar, current rulebook reference, first-notice status, warrant state, and the source of each date. Do not fill a missing date with a presumed sequence, and do not assume a public exchange rule is an account-level instruction. Broker intent deadlines for receiving or delivering can sit well before the exchange window closes.
Rolls and broker cutoffs leave HG exchange rules untouched
A roll changes exposure from one named HG month to another. It does not extend the nearby contract's termination rule or widen its delivery window. A broker may set a client-facing action date earlier than an exchange process, so keep broker instructions in a separate field.
Futures contract roll mechanics covers the two dated pound contracts inside an HG roll. Futures contract month codes helps resolve the compact HG symbol before any date is used.
This guide describes standard Copper futures expiration and delivery mechanics. It does not state a live deadline, decide whether to roll or close, provide a delivery notice, or determine a broker's handling of a position. Current COMEX rules, clearing procedures, calendar notices, and account documents govern a particular contract.
Common questions
When does trading in an expiring HG contract end?
No current-month trades may occur after the third last business day of that month. Holiday shifts move the count, so check the named contract's calendar.
When can HG delivery occur?
On any business day from the first business day through the last business day of the delivery month, which extends past the termination day.
What copper is deliverable against HG?
25,000 pounds of Grade 1 electrolytic cathode meeting ASTM B115, one approved brand, licensed weighmaster weight certificate, declared by a designated warehouse without freight allowance, within 2 percent tolerance.
What happens instead of taking delivery?
Open contracts can be liquidated by bona fide EFRP until noon on the business day following termination. Past that, delivery mechanics apply.
Does an exchange delivery date set my broker deadline?
Not necessarily. A broker can require intent or action well before the exchange window closes. Keep the broker's instruction separate from the exchange-level rule.