Chapter 187
Lead Futures
187100.

SCOPE OF CHAPTER
This chapter is limited in application to physically delivered Lead futures. The procedures fortrading, clearing, delivery and settlement not specifically covered herein or in Chapter 7 shallbe governed by the general rules of the Exchange. The provisions of these rules shall apply
to all lead bought or sold for future delivery on the Exchange.
The terms “seller” and “buyer” shall mean the seller of the physical product and the buyer ofthe physical product, respectively. Terms not specifically defined herein shall be defined inChapter 7.
For purposes of these rules, unless otherwise specified, times referred to herein shall refer toand indicate New York time.

187101.

CONTRACT SPECIFICATIONS
The contract for delivery on futures contract shall be twenty five metric tons (25 MT) of leadwith a weight tolerance of 2% either higher or lower and must be an approved Brand. Leadmeeting all of the following specifications shall be deliverable in satisfaction of futures contract
delivery obligations under this rule:
Eligible lead must be refined lead (minimum 99.970% purity) and meeting the chemicalcomposition of either ASTM B29-03 (2009 Standard entitled “Standard Specification forRefined Lead (permitted grades: 99.97% and 99.995%), BS EN 12659:1999 Standard entitled“Lead and Lead Alloys-Lead (permitted grades: Material numbers PB970R, PB985R andPB990R), or GB/T 469-2005 Standard entitled “Lead Ingots” (permitted grades: 99.970%,99.985%, 99.990% and 99.994%). Lead being placed on warrant must be accompanied by aCertificate of Analysis. The Certificate of Analysis shall indicate the brand and the chemicalcomposition of the lead. If the aforementioned standards adopt a change in the standard
specifications for the lead and such change is adopted and confirmed by the Exchange, lead
conforming to the change so adopted, as well as lead conforming to the previous specifications
if placed in a Warehouse prior to the date of the adoption, shall be deliverable against the Lead
Futures contract.
Lead Futures is a duty unpaid contract. Eligible lead shall be either duty paid or duty unpaid.
Each warrant shall consist of lead of one brand and shall consist of ingots of one shape andsize unless different shapes and sizes are needed for bundle stability. Each bundle shall not
exceed 1.5 metric tons. The brand and grade reference must be marked on each bundle. The
cast number must be marked on the bundle.
The lead must be weighed by a approved Weighmaster. A Weight Certificate shall be issued
by the approved Weighmaster.
Warehouse is responsible to determine the eligibility of the metal and to meet the specification
for delivery in fulfillment of a Lead futures contract. Upon request from the Warehouse, theseller’s clearing member shall provide verification that the lead is of an approved Brand
meeting the specification of the contract.
Any insurance coverage for Registered lead shall be the responsibility of the warrant holder.

187102.

TRADING SPECIFICATIONSThe number of months open for trading at a given time shall be determined by the Exchange.
187102.A.Trading Schedule
The hours of trading for this contract shall be determined by the Exchange.
187102.B.Trading Unit
The contract unit shall be twenty five (25) metric tons.
187102.C. Price Increments

Prices shall be quoted in multiples of fifty cents ($0.50) per metric ton. Price shall be quoted indollars and cents per metric tons.
187102.D. Position Limits, Exemptions, Position Accountability and Reportable Levels
The applicable position limits and/or accountability levels, in addition to the reportable levels,
are set forth in the Position Limit, Position Accountability and Reportable Level Table in theInterpretations & Special Notices Section of Chapter 5.
A Person seeking an exemption from position limits for bona fide commercial purposes shallapply to the Market Regulation Department on forms provided by the Exchange, and theMarket Regulation Department may grant qualified exemptions in its sole discretion.
Refer to Rule 559 for requirements concerning the aggregation of positions and allowable
exemptions from the specified position limits.
187102.E. Termination of Trading
No trades in Lead futures deliverable in the current month shall be made after the third lastbusiness day of that month. Any contracts remaining open after the last trade date must beeither:(A) Settled by delivery which shall take place on any business day beginning on the firstbusiness day of the delivery month or any subsequent business day of the delivery month, butno later than the last business day of the delivery month; or(B) Liquidated by means of a bona fide Exchange for Related Position (“EFRP”) pursuant toRule 538. An EFRP is permitted in an expired futures contract until 12:00 p.m. on thebusiness day following termination of trading in the expired futures contract. An EFRP which
establishes a futures position for either the buyer or the seller in an expired futures contract
shall not be permitted following the termination of trading of an expired futures contract.

187103-107.

[RESERVED]

187108.

VALIDITY OF DOCUMENTS
The Exchange makes no representation respecting the authenticity, validity or accuracy of any
inspection certificate, Notice of Intention to Deliver, Notice of Intention to Accept, bill of lading,check or document or instrument delivered pursuant to these rules.