When would I use billet instead of cathode?

If you're buying pre-cast billet for extrusion or forging, rather than melting cathode yourself. The hedge is identical (1:1 LME Cu); billet is an operational convenience.

What's the typical billet premium over cathode?

$150–$300/MT depending on region and billet spec (OFE commands more than ETP). The premium is commercial and not part of the hedge.

Does OFE (C10100) have different hedging than ETP (C11000)?

No. Both exceed 99.90% Cu and hedge 1:1 on LME Copper. OFE's oxygen-free spec is for downstream electrical properties, priced through premium.

Is there MCX delivery for copper billet?

No. MCX Copper settles against LME Cash. Billet positions are hedged on MCX as MT-for-MT with the standard lot (2.5 MT/lot) at position entry.

Worked exampleCopperBilletRefined

Copper billet

Name: Copper billet
Brand: Novaex
SKU: copper-billet

C10100 / C11000 (99.90% Cu min)

Copper billet supplies tube mills and forging shops. Direct MT hedging keeps the tonnage exposure clean; conversion premium (billet vs cathode) is a separate commercial cost, not a hedge factor.

This page shows how the NovaEx wizard models one common configuration. Your contract may look different. Override any field per shipment, or clone the example to build your own.

Last updated: April 2026By NovaEx Product

Conversion recipe

1:1 weight

Hedge methodDirect MT hedge

FormulaHedgeable MT = Qty × UOM factor

Commercial UOMMT

Rounding ruledown

Sources

ASTM B133 · Copper Development Association

Industry-standard ranges shown. Actual contract terms vary per shipment; override at position entry.

Worked example

Typical shipment

Commercial qty

25 MT

As invoiced

Contained metal

25.00 MT

Copper inside the goods

Hedgeable metal

25.00 MT

Flows to hedge desk → LME Copper

25 MT = 25.00 MT contained Refined metal is 100% base metal → 25.00 MT Copper hedgeable

25 MT of C11000 copper billet × 100% = 25 MT Cu hedgeable → hedge on LME Copper.

Typical specifications

What you're actually trading

Reference specifications for contracts, counterparty conversations, and supply-chain planning. Not a substitute for the shipment's lab certificate or commercial contract.

Grade: C10100 (OFE) / C11000 (ETP)
Purity: 99.90% Cu minimum
Diameter: 150–250 mm ⌀
Use case: Extrusion to tube, forging, machining stock
Conformance: ASTM B133