Plan 22 Oct 2026 03:49

22,500.00 t · horizon 12 months · split 30/35/35 · rounding nearest · computed 22 Oct 2026

Edit inputs CSV COMEX CSV MCX

Parity: COMEX vs MCX (front month)

COMEX Dec-26

$6.5765/lb × 94.45

₹1,369.4/kg

MCX Nov-26

₹1,397.4/kg

Basis (MCX − COMEX)

+₹28.0/kg

Basis %

+2.04%

Raw comparison only (no duty, GST or freight). It compares; it does not recommend.

India — MCX

Recommended for your delivery location

Total tonnage

22,500.00 t

Hedged

100.0%

22,500.00 t

Over / under-hedge

0.00 t

Option premium (est.)

₹771,880,404

Margin (placeholder)

₹85,050,000

Month	Tonnage t	Supplier t (target/t)	Futures contracts	Call options	Hedged %
Nov-26	500.00	150.00 t (₹1,397,400/t)	MCX COPPER Nov-26 × 70 175.00 t @ ₹1,397.40/kg	MCX COPPER Nov-26 ₹1,400.00 C × 70 175.00 t · est. ₹7,180,169	100.0%
Dec-26	2,000.00	600.00 t (₹1,403,800/t)	MCX COPPER Dec-26 × 280 700.00 t @ ₹1,403.80/kg	MCX COPPER Dec-26 ₹1,405.00 C × 280 700.00 t · est. ₹41,076,156	100.0%
Jan-27	2,000.00	600.00 t (₹1,405,800/t)	MCX COPPER Jan-27 × 280 700.00 t @ ₹1,405.80/kg	MCX COPPER Jan-27 ₹1,410.00 C × 280 700.00 t · est. ₹48,089,160	100.0%
Feb-27	2,000.00	600.00 t (₹1,405,800/t)	MCX COPPER Feb-27 × 280 700.00 t @ ₹1,405.80/kg	MCX COPPER Feb-27 ₹1,410.00 C × 280 700.00 t · est. ₹54,563,891	100.0%
Mar-27	2,000.00	600.00 t (₹1,420,800/t)	MCX COPPER Mar-27 × 280 700.00 t @ ₹1,420.80/kg	MCX COPPER Mar-27 ₹1,425.00 C × 280 700.00 t · est. ₹61,483,847	100.0%
Apr-27	2,000.00	600.00 t (₹1,405,800/t)	MCX COPPER Apr-27 × 280 700.00 t @ ₹1,405.80/kg	MCX COPPER Apr-27 ₹1,410.00 C × 280 700.00 t · est. ₹66,547,557	100.0%
May-27	2,000.00	600.00 t (₹1,405,800/t)	MCX COPPER May-27 × 280 700.00 t @ ₹1,405.80/kg	MCX COPPER May-27 ₹1,410.00 C × 280 700.00 t · est. ₹71,242,689	100.0%
Jun-27	2,000.00	600.00 t (₹1,405,800/t)	MCX COPPER Jun-27 × 280 700.00 t @ ₹1,405.80/kg	MCX COPPER Jun-27 ₹1,410.00 C × 280 700.00 t · est. ₹75,701,100	100.0%
Jul-27	2,000.00	600.00 t (₹1,405,800/t)	MCX COPPER Jul-27 × 280 700.00 t @ ₹1,405.80/kg	MCX COPPER Jul-27 ₹1,410.00 C × 280 700.00 t · est. ₹80,085,606	100.0%
Aug-27	2,000.00	600.00 t (₹1,405,800/t)	MCX COPPER Aug-27 × 280 700.00 t @ ₹1,405.80/kg	MCX COPPER Aug-27 ₹1,410.00 C × 280 700.00 t · est. ₹83,901,085	100.0%
Sep-27	2,000.00	600.00 t (₹1,456,400/t)	MCX COPPER Sep-27 × 280 700.00 t @ ₹1,456.40/kg	MCX COPPER Sep-27 ₹1,460.00 C × 280 700.00 t · est. ₹91,078,203	100.0%
Oct-27	2,000.00	600.00 t (₹1,405,800/t)	MCX COPPER Oct-27 × 280 700.00 t @ ₹1,405.80/kg	MCX COPPER Oct-27 ₹1,410.00 C × 280 700.00 t · est. ₹90,930,942	100.0%

Execution checklist

Agree 150 t Nov-26 fixed with supplier at or below ₹1,397,400/t

Buy 70 MCX COPPER Nov-26 futures lots at about ₹1,397.40/kg

Buy 70 MCX COPPER Nov-26 ₹1,400.00 calls, est. premium ₹7,180,169 total

Agree 600 t Dec-26 fixed with supplier at or below ₹1,403,800/t

Buy 280 MCX COPPER Dec-26 futures lots at about ₹1,403.80/kg

Buy 280 MCX COPPER Dec-26 ₹1,405.00 calls, est. premium ₹41,076,156 total

Agree 600 t Jan-27 fixed with supplier at or below ₹1,405,800/t

Buy 280 MCX COPPER Jan-27 futures lots at about ₹1,405.80/kg

Buy 280 MCX COPPER Jan-27 ₹1,410.00 calls, est. premium ₹48,089,160 total

Agree 600 t Feb-27 fixed with supplier at or below ₹1,405,800/t

Buy 280 MCX COPPER Feb-27 futures lots at about ₹1,405.80/kg

Buy 280 MCX COPPER Feb-27 ₹1,410.00 calls, est. premium ₹54,563,891 total

Agree 600 t Mar-27 fixed with supplier at or below ₹1,420,800/t

Buy 280 MCX COPPER Mar-27 futures lots at about ₹1,420.80/kg

Buy 280 MCX COPPER Mar-27 ₹1,425.00 calls, est. premium ₹61,483,847 total

Agree 600 t Apr-27 fixed with supplier at or below ₹1,405,800/t

Buy 280 MCX COPPER Apr-27 futures lots at about ₹1,405.80/kg

Buy 280 MCX COPPER Apr-27 ₹1,410.00 calls, est. premium ₹66,547,557 total

Agree 600 t May-27 fixed with supplier at or below ₹1,405,800/t

Buy 280 MCX COPPER May-27 futures lots at about ₹1,405.80/kg

Buy 280 MCX COPPER May-27 ₹1,410.00 calls, est. premium ₹71,242,689 total

Agree 600 t Jun-27 fixed with supplier at or below ₹1,405,800/t

Buy 280 MCX COPPER Jun-27 futures lots at about ₹1,405.80/kg

Buy 280 MCX COPPER Jun-27 ₹1,410.00 calls, est. premium ₹75,701,100 total

Agree 600 t Jul-27 fixed with supplier at or below ₹1,405,800/t

Buy 280 MCX COPPER Jul-27 futures lots at about ₹1,405.80/kg

Buy 280 MCX COPPER Jul-27 ₹1,410.00 calls, est. premium ₹80,085,606 total

Agree 600 t Aug-27 fixed with supplier at or below ₹1,405,800/t

Buy 280 MCX COPPER Aug-27 futures lots at about ₹1,405.80/kg

Buy 280 MCX COPPER Aug-27 ₹1,410.00 calls, est. premium ₹83,901,085 total

Agree 600 t Sep-27 fixed with supplier at or below ₹1,456,400/t

Buy 280 MCX COPPER Sep-27 futures lots at about ₹1,456.40/kg

Buy 280 MCX COPPER Sep-27 ₹1,460.00 calls, est. premium ₹91,078,203 total

Agree 600 t Oct-27 fixed with supplier at or below ₹1,405,800/t

Buy 280 MCX COPPER Oct-27 futures lots at about ₹1,405.80/kg

Buy 280 MCX COPPER Oct-27 ₹1,410.00 calls, est. premium ₹90,930,942 total

Premiums are estimated — confirm live quote.

Price scenarios at delivery (all months)

Spot move	0	+10%	+20% worst case	-10%	-20%
Effective cost / t (hedged)	₹1,445,572	₹1,446,918	₹1,446,918	₹1,396,178	₹1,346,784
Unhedged cost / t	₹1,411,267	₹1,552,393	₹1,693,520	₹1,270,140	₹1,129,013
Saving / t	−₹34,306	₹105,475	₹246,602	−₹126,038	−₹217,770
Total saving	−₹771,880,404	₹2,373,194,596	₹5,548,544,596	−₹2,835,857,904	−₹4,899,835,404

Per month

Month	0 hedged / unhedged per t	+10% hedged / unhedged per t	+20% hedged / unhedged per t	-10% hedged / unhedged per t	-20% hedged / unhedged per t
Nov-26	₹1,411,760 / ₹1,397,400	₹1,412,670 / ₹1,537,140	₹1,412,670 / ₹1,676,880	₹1,362,851 / ₹1,257,660	₹1,313,942 / ₹1,117,920
Dec-26	₹1,424,338 / ₹1,403,800	₹1,424,758 / ₹1,544,180	₹1,424,758 / ₹1,684,560	₹1,375,205 / ₹1,263,420	₹1,326,072 / ₹1,123,040
Jan-27	₹1,429,845 / ₹1,405,800	₹1,431,315 / ₹1,546,380	₹1,431,315 / ₹1,686,960	₹1,380,642 / ₹1,265,220	₹1,331,439 / ₹1,124,640
Feb-27	₹1,433,082 / ₹1,405,800	₹1,434,552 / ₹1,546,380	₹1,434,552 / ₹1,686,960	₹1,383,879 / ₹1,265,220	₹1,334,676 / ₹1,124,640
Mar-27	₹1,451,542 / ₹1,420,800	₹1,453,012 / ₹1,562,880	₹1,453,012 / ₹1,704,960	₹1,401,814 / ₹1,278,720	₹1,352,086 / ₹1,136,640
Apr-27	₹1,439,074 / ₹1,405,800	₹1,440,544 / ₹1,546,380	₹1,440,544 / ₹1,686,960	₹1,389,871 / ₹1,265,220	₹1,340,668 / ₹1,124,640
May-27	₹1,441,421 / ₹1,405,800	₹1,442,891 / ₹1,546,380	₹1,442,891 / ₹1,686,960	₹1,392,218 / ₹1,265,220	₹1,343,015 / ₹1,124,640
Jun-27	₹1,443,651 / ₹1,405,800	₹1,445,121 / ₹1,546,380	₹1,445,121 / ₹1,686,960	₹1,394,448 / ₹1,265,220	₹1,345,245 / ₹1,124,640
Jul-27	₹1,445,843 / ₹1,405,800	₹1,447,313 / ₹1,546,380	₹1,447,313 / ₹1,686,960	₹1,396,640 / ₹1,265,220	₹1,347,437 / ₹1,124,640
Aug-27	₹1,447,751 / ₹1,405,800	₹1,449,221 / ₹1,546,380	₹1,449,221 / ₹1,686,960	₹1,398,548 / ₹1,265,220	₹1,349,345 / ₹1,124,640
Sep-27	₹1,501,939 / ₹1,456,400	₹1,503,199 / ₹1,602,040	₹1,503,199 / ₹1,747,680	₹1,450,965 / ₹1,310,760	₹1,399,991 / ₹1,165,120
Oct-27	₹1,451,265 / ₹1,405,800	₹1,452,735 / ₹1,546,380	₹1,452,735 / ₹1,686,960	₹1,402,062 / ₹1,265,220	₹1,352,859 / ₹1,124,640

Notes

Prices as of 22 Oct 2026 03:42 (source: kite, wizard; provider: kite). USD/INR 94.4500 as of 22 Oct 2026 03:42.

Option premiums are Black-76 estimates — confirm live quote. MCX copper options are European-style.

Margin figures use placeholder per-contract margins; get the real initial margin from your broker.

All premiums are estimated — confirm live quote. Outputs are planning figures, not advice.

US — COMEX

Total tonnage

22,500.00 t

Hedged

100.1%

22,524.80 t

Over / under-hedge

+24.80 t

Option premium (est.)

$8,641,531

Margin (placeholder)

$4,511,650

Month	Tonnage t	Supplier t (target/t)	Futures contracts	Call options	Gap t	Hedged %	Flags
Nov-26	500.00	150.00 t ($14,499/t)	HGZ26 × 15 MHGZ26 × 4 174.63 t @ $6.5765/lb	HGZ26 $6.60 C × 15 170.10 t · est. $97,305	-5.27	99.0%	Remapped month remapped from Nov MHGZ26 is cash-settled and stops trading 26 Nov 2026 (month before the contract month)
Dec-26	2,000.00	600.00 t ($14,499/t)	HGZ26 × 61 MHGZ26 × 7 699.67 t @ $6.5765/lb	HGZ26 $6.60 C × 62 703.07 t · est. $402,193	+2.73	100.1%	MHGZ26 is cash-settled and stops trading 26 Nov 2026 (month before the contract month)
Jan-27	2,000.00	600.00 t ($14,729/t)	HGH27 × 61 MHGH27 × 7 699.67 t @ $6.681/lb	HGH27 $6.70 C × 62 703.07 t · est. $643,407	+2.73	100.1%	Remapped month remapped from Jan MHGH27 is cash-settled and stops trading 24 Feb 2027 (month before the contract month)
Feb-27	2,000.00	600.00 t ($14,729/t)	HGH27 × 61 MHGH27 × 7 699.67 t @ $6.681/lb	HGH27 $6.70 C × 62 703.07 t · est. $643,407	+2.73	100.1%	Remapped month remapped from Feb MHGH27 is cash-settled and stops trading 24 Feb 2027 (month before the contract month)
Mar-27	2,000.00	600.00 t ($14,729/t)	HGH27 × 61 MHGH27 × 7 699.67 t @ $6.681/lb	HGH27 $6.70 C × 62 703.07 t · est. $643,407	+2.73	100.1%	MHGH27 is cash-settled and stops trading 24 Feb 2027 (month before the contract month)
Apr-27	2,000.00	600.00 t ($14,892/t)	HGK27 × 61 MHGK27 × 7 699.67 t @ $6.755/lb	HGK27 $6.80 C × 62 703.07 t · est. $748,867	+2.73	100.1%	Remapped month remapped from Apr MHGK27 is cash-settled and stops trading 28 Apr 2027 (month before the contract month)
May-27	2,000.00	600.00 t ($14,892/t)	HGK27 × 61 MHGK27 × 7 699.67 t @ $6.755/lb	HGK27 $6.80 C × 62 703.07 t · est. $748,867	+2.73	100.1%	MHGK27 is cash-settled and stops trading 28 Apr 2027 (month before the contract month)
Jun-27	2,000.00	600.00 t ($15,026/t)	HGN27 × 61 MHGN27 × 7 699.67 t @ $6.8155/lb	HGN27 $6.85 C × 62 703.07 t · est. $860,668	+2.73	100.1%	Remapped month remapped from Jun MHGN27 is cash-settled and stops trading 28 Jun 2027 (month before the contract month)
Jul-27	2,000.00	600.00 t ($15,026/t)	HGN27 × 61 MHGN27 × 7 699.67 t @ $6.8155/lb	HGN27 $6.85 C × 62 703.07 t · est. $860,668	+2.73	100.1%	MHGN27 is cash-settled and stops trading 28 Jun 2027 (month before the contract month)
Aug-27	2,000.00	600.00 t ($15,117/t)	HGU27 × 61 MHGU27 × 7 699.67 t @ $6.857/lb	HGU27 $6.90 C × 62 703.07 t · est. $949,208	+2.73	100.1%	Remapped month remapped from Aug MHGU27 is cash-settled and stops trading 27 Aug 2027 (month before the contract month)
Sep-27	2,000.00	600.00 t ($15,117/t)	HGU27 × 61 MHGU27 × 7 699.67 t @ $6.857/lb	HGU27 $6.90 C × 62 703.07 t · est. $949,208	+2.73	100.1%	MHGU27 is cash-settled and stops trading 27 Aug 2027 (month before the contract month)
Oct-27	2,000.00	600.00 t ($15,377/t)	HGZ27 × 61 MHGZ27 × 7 699.67 t @ $6.975/lb	HGZ27 $7.00 C × 62 703.07 t · est. $1,094,326	+2.73	100.1%	Remapped month remapped from Oct MHGZ27 is cash-settled and stops trading 26 Nov 2027 (month before the contract month)

Execution checklist

Agree 150 t Nov-26 fixed with supplier at or below $14,499/t

Buy 15 HGZ26 futures at about $6.5765/lb (covers Nov-26 delivery)

Buy 4 MHGZ26 micro futures (covers Nov-26 delivery)

Buy 15 HGZ26 $6.60 calls, est. premium $97,305 total (covers Nov-26 delivery)

Agree 600 t Dec-26 fixed with supplier at or below $14,499/t

Buy 61 HGZ26 futures at about $6.5765/lb

Buy 7 MHGZ26 micro futures

Buy 62 HGZ26 $6.60 calls, est. premium $402,193 total

Agree 600 t Jan-27 fixed with supplier at or below $14,729/t

Buy 61 HGH27 futures at about $6.681/lb (covers Jan-27 delivery)

Buy 7 MHGH27 micro futures (covers Jan-27 delivery)

Buy 62 HGH27 $6.70 calls, est. premium $643,407 total (covers Jan-27 delivery)

Agree 600 t Feb-27 fixed with supplier at or below $14,729/t

Buy 61 HGH27 futures at about $6.681/lb (covers Feb-27 delivery)

Buy 7 MHGH27 micro futures (covers Feb-27 delivery)

Buy 62 HGH27 $6.70 calls, est. premium $643,407 total (covers Feb-27 delivery)

Agree 600 t Mar-27 fixed with supplier at or below $14,729/t

Buy 61 HGH27 futures at about $6.681/lb

Buy 7 MHGH27 micro futures

Buy 62 HGH27 $6.70 calls, est. premium $643,407 total

Agree 600 t Apr-27 fixed with supplier at or below $14,892/t

Buy 61 HGK27 futures at about $6.755/lb (covers Apr-27 delivery)

Buy 7 MHGK27 micro futures (covers Apr-27 delivery)

Buy 62 HGK27 $6.80 calls, est. premium $748,867 total (covers Apr-27 delivery)

Agree 600 t May-27 fixed with supplier at or below $14,892/t

Buy 61 HGK27 futures at about $6.755/lb

Buy 7 MHGK27 micro futures

Buy 62 HGK27 $6.80 calls, est. premium $748,867 total

Agree 600 t Jun-27 fixed with supplier at or below $15,026/t

Buy 61 HGN27 futures at about $6.8155/lb (covers Jun-27 delivery)

Buy 7 MHGN27 micro futures (covers Jun-27 delivery)

Buy 62 HGN27 $6.85 calls, est. premium $860,668 total (covers Jun-27 delivery)

Agree 600 t Jul-27 fixed with supplier at or below $15,026/t

Buy 61 HGN27 futures at about $6.8155/lb

Buy 7 MHGN27 micro futures

Buy 62 HGN27 $6.85 calls, est. premium $860,668 total

Agree 600 t Aug-27 fixed with supplier at or below $15,117/t

Buy 61 HGU27 futures at about $6.857/lb (covers Aug-27 delivery)

Buy 7 MHGU27 micro futures (covers Aug-27 delivery)

Buy 62 HGU27 $6.90 calls, est. premium $949,208 total (covers Aug-27 delivery)

Agree 600 t Sep-27 fixed with supplier at or below $15,117/t

Buy 61 HGU27 futures at about $6.857/lb

Buy 7 MHGU27 micro futures

Buy 62 HGU27 $6.90 calls, est. premium $949,208 total

Agree 600 t Oct-27 fixed with supplier at or below $15,377/t

Buy 61 HGZ27 futures at about $6.975/lb (covers Oct-27 delivery)

Buy 7 MHGZ27 micro futures (covers Oct-27 delivery)

Buy 62 HGZ27 $7.00 calls, est. premium $1,094,326 total (covers Oct-27 delivery)

Premiums are estimated — confirm live quote.

Price scenarios at delivery (all months)

Spot move	0	+10%	+20% worst case	-10%	-20%
Effective cost / t (hedged)	$15,296	$15,319	$15,317	$14,774	$14,251
Unhedged cost / t	$14,912	$16,403	$17,894	$13,421	$11,929
Saving / t	−$384	$1,084	$2,577	−$1,353	−$2,322
Total saving	−$8,641,531	$24,395,111	$57,983,840	−$30,443,992	−$52,246,453

Per month

Month	0 hedged / unhedged per t	+10% hedged / unhedged per t	+20% hedged / unhedged per t	-10% hedged / unhedged per t	-20% hedged / unhedged per t
Nov-26	$14,693 / $14,499	$14,726 / $15,949	$14,741 / $17,398	$14,185 / $13,049	$13,676 / $11,599
Dec-26	$14,700 / $14,499	$14,716 / $15,949	$14,714 / $17,398	$14,192 / $13,049	$13,684 / $11,599
Jan-27	$15,051 / $14,729	$15,063 / $16,202	$15,061 / $17,675	$14,535 / $13,256	$14,019 / $11,783
Feb-27	$15,051 / $14,729	$15,063 / $16,202	$15,061 / $17,675	$14,535 / $13,256	$14,019 / $11,783
Mar-27	$15,051 / $14,729	$15,063 / $16,202	$15,061 / $17,675	$14,535 / $13,256	$14,019 / $11,783
Apr-27	$15,267 / $14,892	$15,299 / $16,381	$15,297 / $17,871	$14,745 / $13,403	$14,224 / $11,914
May-27	$15,267 / $14,892	$15,299 / $16,381	$15,297 / $17,871	$14,745 / $13,403	$14,224 / $11,914
Jun-27	$15,456 / $15,026	$15,481 / $16,528	$15,479 / $18,031	$14,930 / $13,523	$14,404 / $12,020
Jul-27	$15,456 / $15,026	$15,481 / $16,528	$15,479 / $18,031	$14,930 / $13,523	$14,404 / $12,020
Aug-27	$15,592 / $15,117	$15,623 / $16,629	$15,621 / $18,140	$15,062 / $13,605	$14,533 / $12,094
Sep-27	$15,592 / $15,117	$15,623 / $16,629	$15,621 / $18,140	$15,062 / $13,605	$14,533 / $12,094
Oct-27	$15,924 / $15,377	$15,942 / $16,915	$15,940 / $18,453	$15,386 / $13,840	$14,847 / $12,302

Notes

Prices as of 22 Oct 2026 03:42 (source: yahoo; provider: yahoo). USD/INR 94.4500 as of 22 Oct 2026 03:42.

Option premiums are Black-76 estimates — confirm live quote. COMEX copper options are American-style, so Black-76 slightly understates.

Margin figures use placeholder per-contract margins; get the real initial margin from your broker.

All premiums are estimated — confirm live quote. Outputs are planning figures, not advice.