Chapter 111
Copper Futures
111100.

SCOPE OF CHAPTER
This chapter is limited in application to Copper futures. The procedures for trading, clearing,delivery and settlement not specifically covered herein or in Chapter 7 shall be governed by
the general rules of the Exchange.
The provisions of these rules shall apply to all copper bought or sold for future delivery on theExchange.
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.

111101.

CONTRACT SPECIFICATIONS
The contract for delivery on futures contracts shall be twenty-five thousand (25,000) pounds ofcopper with a weight tolerance of 2% either higher or lower and must be a brand approved by
the Exchange.
Copper meeting all of the following specifications shall be deliverable in satisfaction of futurescontract delivery obligations under this rule:
1. Eligible copper must consist of Grade 1 Electrolytic Copper Cathodes (full plate or cut)and shall conform to the specifications (as to chemical and physical requirements) for
Grade 1 Electrolytic Copper Cathode as adopted by the American Society for Testing andMaterials (“A.S.T.M.”) B115-00 or its latest revision.
If the A.S.T.M. adopts a change in the standard specifications for the aforementioneddeliverable grade and such change is adopted and confirmed by the Exchange, copper
conforming to the change so adopted, as well as copper conforming to the previous
specifications, shall be eligible for delivery against the Copper futures contract; provided,
however, that the copper conforming to the previous specifications shall have been placedin a Warehouse prior to the date of the adoption and confirmation by the Exchange of thenew specifications.
2. Eligible copper must consist of any of the Exchange’s Brand marks, as provided in
Chapter 7, current at the date of delivery of the contract, provided, however, a Warrant
issued for copper shall be from a single Brand.
3. Copper may be delivered only from a Warehouse designated by the Exchange.
4. Deliveries shall be made without any allowance for freight.
5. The copper must be weighed by a Weighmaster. A Weight Certificate shall be issued bythe Weighmaster.
6. Warehouse must declare that the copper meets the specifications for delivery in fulfillmentof a Copper futures contract. Upon request from the Warehouse, the seller’s clearing
member shall provide verification that the copper cathodes are a Brand meeting thespecifications of the contract, unless received directly from the Producer of the Brand.
7. The electronic certificate shall reference a signed declaration of the Warehouse, as to theorigin of the copper and the grade thereof; such declaration to be in the following form andmaintained on file at the Warehouse.
This is to certify that the brand of copper covered by Warrant #............ issued by ...............
(Warehouse) is the product of ............. (Producer) an approved refiner for delivery ofcathodes against the Commodity Exchange, Inc., Copper futures contract and conforming
to the specifications for Grade 1 copper cathodes pursuant to the rules of the Exchange.

111102.

TRADING SPECIFICATIONSThe number of months open for trading at a given time shall be determined by the Exchange.
111102.A. Trading Schedule
The hours for trading shall be determined by the Exchange.
111102.B. Trading Unit
The contract unit shall be twenty-five thousand (25,000) pounds.

111102.C. Price Increments
Prices shall be quoted in multiples of five one-hundredths of one cent per pound. Prices shallbe quoted in dollars and cents per pound.
111102.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.
111102.E. Termination of Trading
No trades in Copper 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,
but no later than the last business day of the delivery month.
(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 futurescontract shall not be permitted following the termination of trading of an expired futurescontract.
111102.F. Special Price Fluctuation Limits
At the commencement of each trading day, the contract shall be subject to special fluctuation
limits as set forth in Rule 589 and in the Special Price Fluctuation Limits Table in theInterpretations & Special Notices Section of Chapter 5.

111103.-107.

[RESERVED]

111108.

VALIDITY OF DOCUMENTS
The Exchange makes no representation respecting the authenticity, validity or accuracy of any
document or instrument delivered pursuant to these rules.