HGZ6 - Copper Futures (December 2026)

Copper Futures December 2026 contract: COMEX Copper futures (HG): high-grade copper futures used for industrial-metal hedging and macroeconomic positioning.

As of Oct 15, 2026: spot at $6.57, ATM IV 19.2%, max pain $6.55, net GEX -$33.5M.

Sector
Metals Futures
Industry
Metals Futures
Exchange
COMEX

HGZ6 Contract Specifications

Contract Month
December 2026
Month Code
Z (December)
Root
HG
Underlying
Copper Futures
Exchange
COMEX
Contract Size
25,000 pounds of grade-1 electrolytic copper
Point Value
$25000 per dollar
Tick Size
$0.0005 per pound
Tick Value
$12.50 per tick

HGZ6 Settlement and Trading Hours

Settlement: Physically delivered to a COMEX-licensed warehouse; trading terminates on the third-last business day of the delivery month.

Trading hours: Globex Sunday-Friday 6:00 PM - 5:00 PM ET.

How HGZ6 Fits in the Futures Curve

HGZ6 is the December 2026 listing of the Copper Futures contract. Each listed expiration carries its own implied-volatility surface, term structure position, and basis to the underlying instrument. The front-month contract typically dominates volume and is the reference for options-on-futures pricing; back-month contracts price the term structure of the underlying's volatility and (for physically-delivered commodities) the carry between spot and forward.

What HGZ6 Looks Like to Options Traders Today

negative net gamma exposure (-$33.5M) means dealers hedge with trend, amplifying realized volatility and accelerating directional moves; the 25-delta skew (-0.013) is roughly flat across the wings.

What This Page Covers

The HGZ6 overview links into per-metric analysis views: max pain, gamma exposure, volatility skew, expected move, options chain, open interest history, and aggregate Greeks.

Frequently asked HGZ6 overview questions

What is HGZ6?
HGZ6 is the ticker symbol for Copper Futures (December 2026), a listed futures contract. Copper Futures December 2026 contract: COMEX Copper futures (HG): high-grade copper futures used for industrial-metal hedging and macroeconomic positioning. Listed on COMEX. HGZ6 is the listed futures symbol shown on this page; futures traders use the contract for directional exposure, hedging the underlying instrument, and as the delivery instrument for options-on-futures structures.
What does the HGZ6 options snapshot look like today?
As of Oct 15, 2026, the HGZ6 options snapshot shows spot at $6.57, ATM IV 19.2%, max pain $6.55, net GEX -$33.5M, expected move 5.51%. The full options chain, Greeks by strike and expiration, per-strike open-interest distribution, dealer gamma and delta exposure, and the volatility skew surface are linked from this overview page. Each per-metric route refreshes once per trading session and reflects the most recent close-of-business listed-options state.
What are HGZ6's key statistics?
Copper Futures (December 2026) (HGZ6) carries a December 2026 expiry on the COMEX-listed Copper Futures contract, with a $25000 per dollar point value. Full contract specifications including settlement convention, tick size, and curve term-structure context are on the contract reference block above. Options-on-futures pricing references these spec fields directly via the multiplier and exchange contract rules.
What underlies the HGZ6 futures contract?
HGZ6 is the December 2026 listing on the Copper Futures contract, traded on the COMEX. Each listed expiration carries its own implied-volatility surface, term-structure position relative to other listed months, and (for physically-delivered contracts) basis to the spot underlying. Front-month contracts dominate volume and serve as the reference for options-on-futures pricing; back-month contracts price the term structure of the underlying's volatility.
How current is the HGZ6 data on this page?
The options snapshot above is dated Oct 15, 2026 and refreshes once per session, with all per-strike Greeks and exposure aggregates recomputed at the daily close. Contract specifications come from the listing exchange (COMEX) and do not change over the life of the contract once listed. Options-on-futures data, when available, refreshes after each trading session. There is no equity-style FINRA reporting or sell-side analyst coverage for futures contracts.

HGZ6 Positioning (CFTC Commitments of Traders)

In CFTC's Copper market (CFTC units: CONTRACTS OF 25,000 POUNDS), Managed money were net long 61,134 contracts, +20.1% of open interest; 3-year range 83/100, positions as of Oct 6, 2026. CFTC publishes each report on the Friday after the date its positions are as of, later in holiday or delayed weeks.