Chapter 117
Copper Option
117100.

SCOPE OF CHAPTER
This chapter is limited in application to put and call options on Copper futures contracts. Inaddition to the rules of this chapter, transactions in options on Copper futures shall be subject
to the general rules of the Exchange insofar as applicable.

117101.

OPTION CHARACTERISTICS
The number of months open for trading at a given time shall be determined by the Exchange.
For each Copper Option month traded on the Exchange, the underlying Copper Futurescontract month shall be the March, May, July, September, or December Copper Futurescontract, determined as follows:
Option Contract Months Listed
January, February, MarchApril, MayJune, July
August, September
October , November, December

Exercise into Underlying Futures
MarchMay
July
September
December

117101.A. Trading Schedule
The hours of trading for this contract shall be determined by the Exchange.
117101.B. Trading Unit
A Copper put or call option contract traded on the Exchange represents an option to assume ashort or long position in the underlying futures contract traded on the Exchange.
117101.C. Price Increments
Prices shall be quoted in dollars and cents and prices shall be in multiples of five onehundredths of one cent per pound of copper represented by the underlying futures contract.
117101.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.

117101.E. Termination of Trading
A Copper option shall expire at the close of trading four business days prior to
the end of the month preceding the option contract month; provided, however,that (1) if such day is a Friday, the expiration date shall be the precedingbusiness day or (2) if such day is the day immediately prior to an Exchange
holiday, the expiration date shall be the preceding business day. In the event thatthe official Exchange holiday schedule changes subsequent to the listing of aCopper futures option, the originally listed expiration date shall remain in effect.
In the event that the originally listed expiration day is declared a holiday,expiration will move to the business day immediately prior.

117101.F. Type of Option

The option is an American-style option which can be exercised on any business day prior toand until expiration day.

117102.

EXERCISE PRICES AND CHARACTERISTICS
Transactions shall be conducted for option contracts as set forth in Rule 300.20.

117103.

SPECIAL PRICE FLUCTUATION LIMITSAt 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.