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    High Grade Copper 1st Front Month  (HG*1)

    3.4960+0.0265 (+0.76%) 12:12A EST (COMEX) View Help
    Commodity Price Quote as of Monday, May 21st, 2012

    Contract Specifications

    Symbol HG
    Name High Grade Copper (HG)
    Exchange COMEX
    Trading Months March, May, July, September, December (H, K, N, U, Z)
    Trading Unit 25,000 lbs
    Tick Size 0.0005 cent per lb. ($12.50 per contract)
    Daily Limit None
    Trading Hours 7:10a.m. to 12:00p.m. (Globex 5:00p.m. - 4:15p.m. (Sun-Fri) CST)
    Last Trading Day Third last business day of the maturing delivery month
    Value of one futures unit $25,000
    Value of one options unit $25,000

    CRB Yearbook Description

    The word copper comes from name of the Mediterranean island Cyprus that was a primary source of the metal. Dating back more than 10,000 years, copper is the oldest metal used by humans. From the Pyramid of Cheops in Egypt, archeologists recovered a portion of a water plumbing system whose copper tubing was found in serviceable condition after more than 5,000 years.

    Copper is one of the most widely used industrial metals because it is an excellent conductor of electricity, has strong corrosion-resistance properties, and is very ductile. It is also used to produce the alloys of brass (a copper-zinc alloy) and bronze (a copper-tin alloy), both of which are far harder and stronger than pure copper. Electrical uses of copper account for about 75% of total copper usage, and building construction is the single largest market (the average U.S. home contains 400 pounds of copper). Copper is biostatic, meaning that bacteria will not grow on its surface, and it is therefore used in air-conditioning systems, food processing surfaces, and doorknobs to prevent the spread of disease.

    Copper futures and options are traded on the London Metal Exchange (LME) and the New York Mercantile Exchange (NYMEX). Copper futures are traded on the Shanghai Futures Exchange. The NYMEX copper futures contract calls for the delivery of 25,000 pounds of Grade 1 electrolyte copper and is priced in terms of cents per pound.

    Prices - NYMEX copper futures prices plunged by an overall 71% from the record high of $4.27 per pound posted in May 2008 to a 5-1/2 year low of $1.25 in December 2008 due to the financial crisis and the global recession. However, copper prices in 2009 then rallied sharply to post a 1-1/2 year high of $3.52 by January 2010. The main driver of the rally was the global economic recovery and particularly strong copper demand from China where GDP bottomed out at +6.2% in Q1-2009 and then improved to +10.7% by Q4-2009. Copper prices were also boosted in early 2009 by a big drawdown in copper inventories during spring and summer 2009.

    Supply - World production of copper in 2009 rose by +2.6% yr/yr to 15.800 million metric tons, which was a new record high. The largest producer of copper was Chile with 34% of the world's production, followed by the U.S. with 8%, Peru with 8%, China with 6%, and Australia with 6%. U.S. production of refined copper in 2008 (latest data) fell -2.4% yr/yr to 1.279 million short tons, which was far below the record U.S. production level of 2.490 million short tons seen in 1998.

    Demand - U.S. consumption of copper in 2007 (latest data) fell 7.1% yr/yr to 2.140 million metric tons. The primary users of copper in the U.S. in 2007 by class of consumer were wire rod mills with 75% of usage, brass mills with 22% of usage, and nominal use of 1% or less by each of foundries, ingot makers, and chemical plants.

    Trade - U.S. exports of refined copper in 2008 fell by 29.6% to a 6-year low of 36,500 metric tons. U.S. imports of copper in 2008 fell by 14.0% yr/yr to 723,600 metric tons.

    Articles from the Commodity Research Bureau (CRB) Commodity Yearbook. The single most comprehensive source of commodity and futures market information available, the Yearbook is the book of record of the Commodity Research Bureau, which is, in turn, the organization of record for the commodity industry itself. Its sources - reports from governments, private industries, and trade and industrial associations - are authoritative, and its historical scope is second to none. Additional information can be found at www.crbyearbook.com.
    More commodity data from Commodity Research Bureau.