Underlying Security
Copper.
Contract Size
0.1 tonne.
Price Quotation and Minimum Price Tick
Value of 1 tonne copper shall be quoted in terms of US Dollars significant to two decimals.(Example:10,058.50 or 10,059.00) The minimum price tick is 0.50. Value of one tick corresponds to 0.05 US Dollars.
Contract Months
February, April, June, August, October and December (Contracts with three different months nearest to the current month shall be traded concurrently.)
Settlement
Cash Settlement
Settlement Period
T+1 (first day following the expiry date) Losses are deducted from the accounts at the end of T day, profits are added to the accounts on T day as well.
Trading Hours
Continuous trading from 09:20 to 18:10 (local time) for normal session, continuous trading from 19:00 to 23:00 (local time) for evening session.
Daily Settlement Price
The daily settlement price is calculated as follows at the end of the normal session and rounded to the nearest price tick:
a) The weighted average price of all the trades executed within the last 10 minutes of the normal session,
b) If less than 10 trades were realized in the last 10 minutes of the normal session, the weighted average price of the last 10 trades executed during the normal session,
c) If less than 10 trades were realized in the normal session, the weighted average price of all the trades executed during the normal session,
d) If no trades were done during the normal session, the previous day settlement, will be determined as the daily settlement price.
If the daily settlement price cannot be calculated with the above methods by the end of the normal session, or the prices calculated do not reflect the market correctly, the daily settlement price may be determined by using one or more of the following methods
a) The average of the best buy and sell quotations at the end of the normal session,
b) Theoretical prices are calculated considering spot price of the underlying asset or the daily settlement price for other contract months of the contract.
Trade reporting will not be taken into consideration in the above calculations. The Settlement Price Committee’s right to change the daily settlement price is under reserve.
Final Settlement Price
The final settlement price on the last trading day is LME Official Settlement Price for Copper which is announced by London Metal Exchange as Tonne/USD for Grade A Copper.
If the prices are not released due to official holidays or another reason, absence of enough data, the last LME Official Settlement Price is used as the final settlement price. It is decided that the prices calculated do not reflect the market correctly on the last trading day, the final settlement price is determined by the Settlement Price Committee.
The final settlement price found by the above methods is rounded to the nearest price tick.
Expiry Date
Last business day of each contract month. In case domestic markets are closed for half day due to an official holiday, expiry date shall be the preceding business day.
Last Trading Day
Last business day of each contract month. In case domestic markets are closed for half day due to an official holiday, last trading day shall be the preceding business day.
Daily Price Limit
Base price is the price determined by the Settlement Price Committee on the day the relevant contract is introduced for trading, and used in calculating the daily price change limits. For the other days, base price is the settlement price of the previous day. Base price for evening session contracts is the settlement price calculated at the end of normal session.
The daily price limit is set as +/-10% of the base price which is found by rounding the previous daily settlement price. If the price limits found by this method is not a valid price tick, for upper limit it is rounded down, while the lower limit is rounded up to the nearest price tick.
Margins
Clearing legislation shall be applied.
Exchange Rate of Dollar
The calculations related to this contract for converting the values in US Dollars to Turkish Lira are based on US Dollar buying rate announced by the Central Bank of the Republic of Türkiye at 3:30 pm. If deemed necessary or in case US Dollar rate is not announced by CBRT, the exchange rate of Dollar may be updated using the exchange rates in the spot market.
