HG copper futures explained: what moves "Dr. Copper"
Copper is in wires, pipes, motors and power grids. That's why traders nicknamed it "Dr. Copper": its price is often read as a check-up on the world economy.
At a glance
| Item | HG (COMEX Copper) |
|---|---|
| What it is | A futures contract for 25,000 pounds of copper, priced in dollars per pound |
| Tick size | $0.0005 per pound |
| One tick is worth | $12.50 ($250 per full cent) |
| Busiest hours (ET) | About 3 am – 1:00 pm, London metal hours into the New York morning |
| What moves it most | China's economy, factory and building data, mine supply, tariffs, the dollar |
| Trading hours | Sunday to Friday, 6 pm – 5 pm ET, with a daily one-hour break |
Specs checked Oct 2026. Check cmegroup.com for current specs before you trade. A micro contract one-tenth the size (2,500 pounds) also trades.
How the price works
Copper is quoted in dollars per pound, to four decimals. A move from 4.5000 to 4.5100 is one cent, which is 20 ticks, or $250 per contract.
That math surprises people. A one-cent move looks tiny but costs $250.
What moves it
China. China uses more copper than any other country, for building, power lines and factories. Chinese factory surveys (PMIs), property news and stimulus plans often move copper first.
Growth data everywhere. US and European factory surveys, building data and jobs reports matter too. Stronger growth tends to mean more copper demand.
Mine supply. A lot of the world's copper is mined in Chile and Peru. Strikes, mine accidents and new rules there can tighten supply.
Green demand. Electric cars, charging networks and power grids all use a lot of copper. That's a long-term story, not a daily signal.
Tariffs. In 2025, US tariff plans pushed COMEX copper well above prices in London. When the final rules exempted refined copper at the end of July, COMEX copper fell about a fifth in a single day.
The dollar. Copper is priced in dollars. A strong dollar tends to weigh on it.
When it's busiest
CME sets hours in Chicago time, which changes clocks with New York, so these hold all year.
- Evenings ET: Asian buyers and Chinese data. Can be active.
- About 3 am ET: London's metal market adds volume.
- 8:30 am ET: US data.
- Morning to about 1 pm ET: the main US session.
Its personality
- Trend-friendly. Copper can trend for months on a growth story.
- News at odd hours. Chinese data and policy news land in the US evening.
- Policy shocks. Tariff and trade news can create big gaps between COMEX and London prices, and fast moves when that gap closes.
- Delivered contract. It settles by delivery of copper. Most traders roll before delivery. See Contract rollover.
Reading it with our method
- Daily and weekly charts first. Mark the last places price turned around. Copper's growth trends show up best there.
- Trade with the bigger direction. If the weekly chart makes lower highs and lower lows, a strong day isn't a new uptrend yet.
- Body-close rule. Data and tariff spikes leave tails. Only a candle body closing past a level counts.
- Stop first, size second. Example: a 6-cent stop is 120 ticks × $12.50 = $1,500 of risk on one HG. If your plan says $150, the micro contract fits better. A math example, not a promise.
Run it through the futures tick value calculator before each trade.
Common mistakes
- Reading cents as small. One cent is $250 on a full contract.
- Ignoring Chinese data nights. Copper can move while the US sleeps.
- Treating copper like gold. Gold often rises on fear. Copper often falls on fear, because fear usually means less growth. See gold futures.
- Missing tariff headlines. Policy news has moved copper more than any report in recent years.
Questions
How much is one tick on copper futures?
$12.50. The tick is $0.0005 per pound on 25,000 pounds, so one full cent is $250 per contract.
Why is copper called "Dr. Copper"?
Because copper is used so widely in building and industry, its price is often read as a sign of how healthy the world economy is.
What are copper futures trading hours?
Sunday to Friday, 6 pm to 5 pm ET on CME Globex, with a daily one-hour break from 5 to 6 pm ET.
Is there a smaller copper contract?
Yes. Micro copper is 2,500 pounds, one-tenth of HG. Check cmegroup.com for its tick value.
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