COMEX · Metals · Futures
COMEX Micro Copper (MHG) is one tenth of the Copper future: 2,500 pounds, cash-settled against HG, traded nearly 24 hours a day.
Live MHG chart on TradingView Affiliate link
COT data as of Sep 22, 2026 · Margins as of Sep 30, 2026 · Roll & expiry dates checked daily
| Symbol | Contract | Per 1¢ | Tick value | Size |
|---|---|---|---|---|
| MHG | Micro Copper | $25.00 | $1.25 | This contract |
| HG | Copper | $250.00 | $12.50 | 10× MHG |
Source: CME Group contract specifications · reviewed Sep 30, 2026
| Contract | Roll date | First notice | Last trading day | Days left |
|---|---|---|---|---|
| MHGZ26 Dec 2026 Active | Wed, Nov 18, 2026 | n/a | Wed, Nov 25, 2026 | 57 |
| MHGH27 Mar 2027 | Wed, Feb 17, 2027 | n/a | Wed, Feb 24, 2027 | 148 |
| MHGK27 May 2027 | Wed, Apr 21, 2027 | n/a | Wed, Apr 28, 2027 | 211 |
| MHGN27 Jul 2027 | Mon, Jun 21, 2027 | n/a | Mon, Jun 28, 2027 | 272 |
| MHGU27 Sep 2027 | Fri, Aug 20, 2027 | n/a | Fri, Aug 27, 2027 | 332 |
| MHGZ27 Dec 2027 | Thu, Nov 18, 2027 | n/a | Fri, Nov 26, 2027 | 423 |
Roll. The date shown is five business days before the last trading day.
First notice day. None – Micro Copper is cash-settled, so there is no delivery and no first notice day.
Last trading day. Third last business day of the month before the contract month – about a month earlier than HG.
US exchange holidays ahead: Nov 26 · Dec 25 · Jan 1 · Jan 18 · Feb 15 · Mar 26 · May 31 · Jun 18
Learn more: Futures roll dates explained · First notice day vs. last trading day
Calculated from exchange rules and the US exchange holiday calendar. Confirm with the CME Group expiration calendar.
| Session | Eastern (ET) | Central (CT) | Your time |
|---|---|---|---|
| CME Globex (electronic) | Sun–Fri 6:00 p.m. – 5:00 p.m. | Sun–Fri 5:00 p.m. – 4:00 p.m. | – |
| Daily maintenance break | Mon–Thu 5:00 – 6:00 p.m. | Mon–Thu 4:00 – 5:00 p.m. | – |
| US day session (reference) | Mon–Fri 8:10 a.m. – 1:00 p.m. | Mon–Fri 7:10 a.m. – 12:00 p.m. | – |
| Daily settlement | 1:00 p.m. | 12:00 p.m. | – |
Holiday hours differ – check the exchange holiday calendar before trading around US holidays. ET is New York time, CT is Chicago time (always one hour behind ET).
| Contract | Maintenance |
|---|---|
| MHGZ26 Dec 2026 Active | $1,200 |
| Jan 2027 – May 2027 | $1,200 |
| Jun 2027 – Sep 2031 | $1,200 |
Exchange margins are the minimum your clearing firm must collect for positions held overnight. Brokers may require more – and usually offer much lower day-trading margins for positions closed before the session ends. A neutral broker day-margin comparison is coming soon.
Learn more: Futures margin explained · Micro vs. E-mini futures
Positioning shown for the full-size Copper (HG) contract. The CFTC reports MHG separately, but its positions are too small to read on their own. Full HG page.
−112,575 net contracts
−14,557 vs. prior week · −37.3% of OI
Movement (6 wk): −14
Producers, merchants, processors and users hedging physical business – the classic commercials. They tend to buy weakness and sell strength.
+12,140 net contracts
−1,491 vs. prior week · +4.0% of OI
Movement (6 wk): +17
Swap dealers – banks hedging OTC swaps, including commodity index money. Often structurally positioned; read against their own range, not the sign.
+82,522 net contracts
+17,416 vs. prior week · +27.4% of OI
Movement (6 wk): ±0
Managed money – CTAs, commodity pools and hedge funds. Trend followers; their positioning tends to peak near turning points.
| Group | Long | Short | Net | Δ 1 wk | Δ 4 wk | Index 26 wk | Index 3 yr | Move 6 wk |
|---|---|---|---|---|---|---|---|---|
| Producers / Merchants | 29,092 | 141,667 | −112,575 | −14,557 | −12,552 | 6 | 2 | −14 |
| Swap Dealers | 55,201 | 43,061 | +12,140 | −1,491 | +7,166 | 28 | 21 | +17 |
| Managed Money | 96,421 | 13,899 | +82,522 | +17,416 | +6,251 | 100 | 100 | ±0 |
| Other Reportables | 32,977 | 24,977 | +8,000 | −2,028 | −995 | 79 | 67 | +17 |
| Nonreportables | 19,399 | 9,486 | +9,913 | +660 | +130 | 44 | 66 | −5 |
| Group | Long | Short | Net | Δ 1 wk | Δ 4 wk | Index 26 wk | Index 3 yr | Move 6 wk |
|---|---|---|---|---|---|---|---|---|
| Commercials | 92,911 | 193,346 | −100,435 | −16,048 | −5,386 | 8 | 3 | +3 |
| Non-Commercials | 129,398 | 38,876 | +90,522 | +15,388 | +5,256 | 96 | 98 | −2 |
| Nonreportables (small) | 19,399 | 9,486 | +9,913 | +660 | +130 | 44 | 66 | −5 |
| Report date | Producers / Merchants | Swap Dealers | Managed Money | Other Reportables | Nonreportables | Open interest |
|---|---|---|---|---|---|---|
| Sep 22, 2026 | −112,575 | +12,140 | +82,522 | +8,000 | +9,913 | 301,657 |
| Sep 15, 2026 | −98,018 | +13,631 | +65,106 | +10,028 | +9,253 | 289,463 |
| Sep 8, 2026 | −111,865 | +7,221 | +82,154 | +10,322 | +12,168 | 297,491 |
| Sep 1, 2026 | −97,022 | +4,915 | +72,882 | +7,987 | +11,238 | 282,640 |
| Aug 25, 2026 | −100,023 | +4,974 | +76,271 | +8,995 | +9,783 | 283,299 |
| Aug 18, 2026 | −96,274 | +6,134 | +78,648 | +1,100 | +10,392 | 281,563 |
| Aug 11, 2026 | −97,517 | +6,271 | +79,027 | +1,361 | +10,858 | 297,047 |
| Aug 4, 2026 | −92,844 | +6,675 | +75,758 | +1,365 | +9,046 | 289,395 |
| Jul 28, 2026 | −85,279 | +9,118 | +65,008 | +2,273 | +8,880 | 274,552 |
| Jul 21, 2026 | −91,208 | +9,096 | +71,515 | +2,462 | +8,135 | 270,048 |
| Jul 14, 2026 | −86,384 | +12,768 | +60,185 | +4,200 | +9,231 | 259,873 |
| Jul 7, 2026 | −90,983 | +17,813 | +58,784 | +5,488 | +8,898 | 250,948 |
Learn more: How to read the COT report · COT overview of all contracts
Source: CFTC Public Reporting Environment · contract market code 085692 (COPPER- #1 - COMMODITY EXCHANGE INC.)
Learn more: Tick value and point value explained
Before commissions and exchange fees. Prices round to the nearest tick of 0.0005.
One tick is $0.0005 per pound, worth $1.25 per contract. A 1-cent move is worth $25. Ten MHG contracts equal one HG contract.
No. Micro Copper stops trading on the third last business day of the month before the contract month – roughly a month before HG – and is cash-settled.