Copper (HG) July (N) contract study: year-by-year results, the day-by-day shape of the move and where highs and lows printed.
Contract Almanac · Copper (COMEX)
Every July copper contract 2011–2026, measured over its tenure as the lead contract · Typically leads Apr 28 – Jun 26
The July contract is the worst hand in our entire study: 3 wins in 16 tenures, 19%, holding copper from late April through late June while the industrial year’s reality lands on whatever spring hope remained. No other seat on any board, energy, metals, or index, has lost this reliably.
Each year is one contract, measured from the open of the day it took over the lead to the close of the day it handed off, the same roll convention used across all Traders Brief research. A copper contract holds the lead for roughly two months, and the March and December contracts closer to three, so tenures run 40 to 70 trading days, far longer than an energy tenure — these are seats, not months, and the day counts read accordingly. All highs and lows are the contract’s own trades, marked by trading day of the tenure, not calendar day.