MHG Futures (Micro Copper): Tick Value, Expiries, Order Flow

MHG contract specifications

The contract unit is 2,500 pounds, quoted in dollars and cents per pound. The minimum fluctuation is $0.0005 per pound, so one tick is worth $1.25 per contract and a one-dollar move is $2,500. The contract is cash-settled against a floating price; there is no delivery. Senzoukria's contract table holds the same tick and multiplier on the COMEX venue code.

MHG expiry: last trading day

Trading ceases on the third-to-last business day of the month preceding the contract month. There is no first notice day, since nothing is delivered.

Senzoukria's metal rule, the third-to-last business day of the month before delivery, is exactly MHG's last trading day. For MHGZ6, the default moves to the next listed month on November 22, 2026 (4 calendar days before November 26, 2026), and MHGZ6 stays selectable with its badge until that date. The exchange calendar also lists other months (F, G, J, M, Q, V, X); Senzoukria's catalogue uses H, K, N, U, Z to choose its default contract.

November 26, 2026 is Thanksgiving, so the exchange calendar puts the MHGZ6 last trading day on November 25, 2026. Senzoukria's expiry engine counts Monday to Friday without a holiday table and uses November 26, 2026 instead, so its picker keeps MHGZ6 listed until then.

MHG tick value and P&L arithmetic

• One tick = $0.0005 × 2,500 = $1.25.
• 10 ticks ($0.005 per pound) = $12.50 per contract.
• A stop of $0.02 per pound is 40 ticks: $50 per contract, $100 on 2 contracts.
• The same $0.02 on HG is $500 per contract.

Reading MHG order flow

With row resolution off, an MHG footprint has one row per $0.0005 tick. The fixed steps give 2 ticks = 0.001, 4 ticks = 0.002, 8 ticks = 0.004, 16 ticks = 0.008, 32 ticks = 0.016 dollars per pound per row; grouping keeps totals exact but moves the POC from a price to a row.

MHG covers 2,500 pounds, one tenth of HG, with the same $0.0005 tick worth $1.25. It is cash-settled against a floating price rather than delivered, and it stops trading in the month before its contract month. That is the date Senzoukria's metal rule computes for every metal, which makes MHG the one metal where the picker's last listed day is the exchange's own last trading day.

Using MHG in Senzoukria

• Symbol picker on a Rithmic or Databento CME source: type MHG; on September 25, 2026 the listed contract is MHGZ6 (December 2026).
• Heatmap and DOM show that contract's book, with COMEX as the venue in the ladder header and prices printed with 4 decimals, the precision of the tick.
• Replay lists MHG in the Metals group. In the automatic backtest, set Point value ($) to 2,500, the dollar value of a one-dollar move; the field defaults to 2.