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Scalping & Day Trading

The Mechanics of COMEX Delivery Notices and First Notice Day

Elena Rostova
Chief Quantitative Strategist
8 min read September 24, 2025
Executive Brief & Key Answer
How futures contract roll cycles, First Notice Day, and physical delivery notices on COMEX generate predictable liquidity patterns and margin squeezes.
Fact-checked & verified by Commodities Research Desk Topic: Scalping & Day Trading
The Mechanics of COMEX Delivery Notices and First Notice Day
Institutional Market Desk Scalping & Day Trading

Key Technical Takeaways

  • First Notice Day is the first day on which an investor who holds a long futures contract may be required to take physical delivery.
  • Speculative traders who do not intend to take physical delivery must roll or close contracts prior to First Notice Day.
  • Contract rollover weeks (February, April, June, August, December for Gold) create heavy volume migrations and roll spreads.
  • Monitor open interest declines in the front-month contract to anticipate liquidity shifts into the next active month.

Every futures contract has an expiration calendar. Understanding when institutional funds are forced to roll their positions out of expiring front-month contracts prevents traders from getting caught in rollover liquidity traps.

1. The Roll Cycle Schedule

Gold futures active delivery months on the COMEX exchange are February (G), April (J), June (M), August (Q), and December (Z). During the five trading days leading up to First Notice Day, volume shifts aggressively into the next contract month, causing temporary basis spreads.

Frequently Asked Questions

Brokers automatically liquidate retail positions or issue delivery default notices if accounts do not possess full cash capital to accept physical delivery.

Elena Rostova

VERIFIED AUTHOR

Chief Quantitative Strategist

Elena Rostova has worked extensively in precious metals trading, technical orderflow, and risk modeling. Every guide is reviewed for real-world trading relevance and mathematical consistency before publication.

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CFTC Rule 4.41 & Risk Disclosure Regulatory Notice

CFTC Rule 4.41 & Risk Disclosure: Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Trading forex and commodities on margin carries a high level of risk and may not be suitable for all investors.