Unlike most other commodity contracts, copper contracts are not monthly contracts but they are quarterly contracts. For example currently, there is the August 2017 contract, November 2017 contract and the February 2018 contract that is being traded quite regularly. While the MCX exchange trades based on copper price per KG, the minimum lot size is 1 MT (1000 KG). This is the minimum lot size for you to transact, Of course, you also have the Copper Mini which has a lot size of 250 KG, but that is not as popular as the Big Copper futures contract.

The copper contract attracts a SPAN margin of 4% and an additional extreme loss margin of 1% taking the total margin to 5%. So at the current price of Copper of Rs.407, the notional value of 1 lot of 1 MT will be Rs.407,000/-. On this notional value, a 5% margin will work out to Rs.20,350/lot. Of course there will be MTM margins based on price movements and also delivery margins if you intend to take delivery on the settlement day. Remember, copper contract settlement happens on the last working day of the calendar month pertaining to the contract. Hence any square-up of non-delivery position must be done at least 4-5 days prior to the contract expiry date.