A speculator buys five March 2020 copper futures contracts on COMEX on 15 January 2020 at a price of US$2.8655 per lb and buys a further five March 2020 copper futures contracts on 30 January 2020 at a price of US$2.5280 per lb. The speculator closes out her long futures position on 12 February 2020 at a price of US$2.5975 per lb. The COMEX copper futures contract is written on 25,000 lbs of copper. For a speculator, COMEX sets the maintenance margin at US$2,700 per contract and the initial margin at 110% of the maintenance margin.