Nymex Position Limits Reduced For Copper Futures

The New York Mercantile Exchange, Inc., will reduce the spot month position limit for COMEX Division copper futures to 3,000 contracts from 5,000 contracts as of the close of business today since the market is in backwardation.

Under Exchange rules, the spot month position is reduced when the price of the spot month (in this case, December 2003) exceeds that of the next most active month (in this case, March 2004) for three consecutive days.

The Exchange will continue to monitor the market, and its control committee will determine when it is appropriate for the limits to be expanded back to 5,000 contracts.