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FAQs

  • Why give speculators more access to minor metal markets?

    Speculators are already involved in cobalt and molybdenum and contribute to volatility. Metals traded on exchanges are often less volatile because more participants have access to the market and their actions are regulated.

  • What if I don’t want the cobalt in LME warehouses?

    The LME is primarily a financial, rather than a physical market, where trading is used to manage risks rather than secure metal. Less than 1% of contracts traded on the LME result in physical delivery, so the chances of being stuck with metal you cannot use are very low.

    In the unlikely event that a contract goes to physical settlement, lots can be swapped or sold at a premium or discount to the LME price. The cobalt industry is already used to this way of doing business, as it already trades metal at a premium or discount to the Metal Bulletin cobalt price.


  • Why the LME for minor metals futures?

    The LME has been trusted to provide risk management services to the international base metals industry for over 135 years and it has an outstanding record of credibility in its contract specifications, price discovery and physical delivery mechanism.

    In addition, its unique experience of managing the delivery mechanism of an international network of warehouses puts it in a strong position to deliver a physically delivered contract for cobalt and molybdenum, by-products of metals already traded on the exchange.

  • Why is physical delivery important for minor metals futures?

    The option of physical delivery, while very rarely used, plays an important role in creating LME price convergence. In effect this means that if the LME price appears too high or too low, those in the market will see favourable pricing opportunity and make use of the delivery mechanism.

    This presence, or threat, of delivery has the result of constantly ensuring that the LME price is in line with the physical market price.It also enables industry to sell material via the Exchange delivery system in times of over supply, and use the LME as a source of material in times of extreme shortage.

  • How do futures contracts help the minor metals industry?

    Cobalt and molybdenum contracts enable industry to hedge against volatility in prices.

    Hedging is the process of managing the risk of a price change by offsetting it in the futures market. The ability to hedge gives producers, consumers and merchants in the industry the choice of how much price risk they are prepared to accept.

    The process of hedging in the LME also creates a truly transparent and representative market price.

  • Do futures contracts create cobalt or molybdenum price volatility?

    Futures contracts provide effective and reliable tools with which to manage volatility.

    Cobalt and molybdenum are already volatile markets, but the LME contracts will help industry manage risk much better.

    Futures markets introduce the potential of funds and speculators to invest in the industry; their involvement does not increase fundamental volatility and may dampen cycles by taking the opposite side to industrial clients.

  • Is molybdenum traded on the LME in 6 tonnes or 10 tonnes?

    Molybdenum is traded in 6 tonne lots. It is priced in dollars per tonne, molybdenum contained. The delivery size is 10 tonnes of roasted molybdenum concentrates (RMC) delivered in drums. Of each drum delivered and stored in warehouse, only around 60 percent of the drum, or 6 tonnes, has any commercial value, which is the molybdenum contained in the RMC.

  • How are the cobalt and molybdenum contracts traded?

    Trading is out to 15 months on the Ring, LMEselect and telephone. As with all other LME contracts, only members of the Exchange are able to trade; the physical industry and other market participants must access the market and its risk management services through the LME’s membership.

  • What are the cancellation procedures once I have subscribed to the LME XML Next day feed?

    Once you have subscribed to the LME XML next day feed, your subscription will automatically renew on your current expiry date. You will be sent a reminder email 40 days before your subscription renews and you will have up to 30 days before your subscription renews to confirm if you would like to cancel.

  • What are the technical requirements to access the LME XML next day feed?

    You will need an internet connection to access the XML service, using a HTTPS request. The XML Data Specifications outline all the requirements of accessing for the XML next day data feed. For a copy of the XML Data Specifications please contact Customer Support.

  • I would like to view historical LME market data. How can I access this data?

    LME historical data published in years prior to the current year is available to purchase from the LME online store.

  • What are December prompts?

    As part of the daily publication of LME Official Prices, reference prices are established for three forward December prompts for LME Primary Aluminium, LME Copper, LME Lead, LME Nickel and LME Zinc. For LME Aluminium Alloy and LME NASAAC, a reference price is established for one forward December prompt.

    On the first business day of the next calendar year, the near December prompt is replaced by an additional December prompt in the third calendar year forward; i.e. they roll forward on an annual basis.

    The December prompts are highly liquid prompt dates in the LME calendar where there is often a large concentration of LME volume and open interest.

  • What data is available on the LME XML next day feed?

    The XML Data Specifications contains details on all available data. For a copy please contact Customer Support. The data included is sourced directly from the London Metal Exchange and includes daily reference prices, forex rates and key reports including traded volumes and the warehouse stock movements report.

  • What is the time delay of the next day data?

    Subscribers will have access to the LME next day data feed at 00:10 UK time each day which will contain data for the previous trading day.

  • What is XML?

    XML: Extensible Markup Language, is a textual data format widely used in web services and provides maximum flexibility for the transport and storage of information in a wide variety of structural formats.


  • What is the cost of the LME XML next day feed?

    We offer annual subscriptions only for this feed. The full payment is required at the start of the subscription and is valid for 12 months from the start date. Please email customersupport@lmelive.com for a price quote.

  • What is the difference between a Cash, 3 month, 15 or 27 month price?

    Cash prices represent the current price in the market for spot contracts. LME cash contracts are for settlement or delivery two Business Days forward from the trading day. A 3 Month price represents the price agreed to settle or deliver material 3 months from the time the price is agreed. Similarly 15 or 27 months prices represent the price agreed for delivery 15 or 27 months forward from that point in time.

  • Do you offer a free trial?

    We do not offer a free trial however we do provide a Data Specification document that describes the service in detail so new subscribers can review the XML format and develop integration solutions. For a copy of the document please contact Customer Support.

  • Do you provide support on how to understand XML?

    As XML is a popular, encoding language widely used for its flexibility in electronic data dissemination by many web services, we therefore do not provide support. However there are many documents and seminars advertised throughout the Internet where you can access additional support and training. Most web developers are familiar with this format.

    LME XML Data Specifications will provide the information your developers will require to integrate the service with your systems please contact Customer Support for a copy.

  • Can I display LME next day data on my website?

    You can display LME next day data once you have become a licensed LME data distributor. There is a one off registration fee of £1500.

  • Do I need a license to distribute LME data within my company?

    An LME data distributor license is not required as long as the data is used for internal purposes only and not sent to external parties or displayed on public websites.

  • Do you provide training on how to understand LME data?

    The LME has an education team who deliver seminars throughout the world. We also recommend you download the ‘Guide to LME market data’ document.

  • How do I subscribe to the LME XML next day feed?

    The subscription process depends on whether you wish to distribute LME market data or use it only within your own organisation.


  • How is the settlement price established?

    The settlement price for expiring contracts is the parent contract LME Official Settlement Price (cash sellers') established on the cash day for the Third Wednesday prompt of the expiring month.

  • How can I be licensed as an LME next day data distributor?

    Please complete the Licensed Data Distributor Application Documents and send this to the LME.

  • How do I access real-time/30 minute delayed market data from the LME?

    You can access real time or 30 minute delayed LME prices, report data and charting direct from the Exchange through LMElive, at www.lmelive.com. LMElive is designed to provide a comprehensive view of non-ferrous, steel billet and plastics futures trading with easy access over the Internet. You can also view data on your mobile handheld device or BlackBerry™ or iPhone with LMElive Anywhere. Sign up for a four week free trial.

    The LME also distributes its market data through Licensed Data Distributors. These distributors range from data vendors to specialist industry publications and news providers. You do not need to become a member of the Exchange to access LME market data.

    The LME offers a limited set of free data products delivered on a next day delayed basis. This data can be accessed from the Free Data Service, after completing a simple registration process. LME data available free of charge includes pricing information and a limited number of reports for LME non-ferrous metals, steel billet and plastics contracts.

  • What is the significance of billet in relation to rebar?

    Steel billet is a semi-finished product used in the production of steel reinforcement bars (rebar).

    The significant price correlation between billet and rebar suggest that industry could price their rebar using the LME Steel Billet price as a benchmark, plus any conversion costs, premiums and profit.

    Users of rebar, mainly those in the construction sector, could also utilise the LME contract to manage price risk and hedge their exposure to price volatility.

  • What are the advantages for a producer to list their steel billet brands?

    Producers who list their steel billet on the LME could benefit from:

    • Access to a global market of ready buyers
    • Ability to sell into the LME marketplace and improve cash flow, especially when demand is suppressed or a buyer reneges on a contract
    • Inventory financing and trade finance opportunities
    • Improved production management in times of uncertainty
    • The opportunity to align your products with other LME-approved brands
  • Where are the delivery locations for the LME Steel Billet contract?

    Refer to the map of approved steel billet delivery locations for details of delivery locations.

    For further detail on approved warehouse companies please refer to the list of approved storage facilities.

    Please note the product code related to LME Steel Billet is FM.

  • Why is physical delivery important for futures?

    The option of physical delivery, whilst very rarely used, plays an important role in creating price convergence between the physical market price and the LME futures market. In effect this means that if the LME price appears too high or too low, those in the market will see a favourable pricing opportunity and make use of the delivery mechanism.

    This presence, or threat, of delivery has the effect of constantly ensuring that the LME price is in line with the physical market price. It also enables industry to sell material via the Exchange delivery system in times of over supply, and use the LME as a source of material in times of extreme shortage.

  • Why billet?

    Billet is freely traded and produced in standardised merchant grades. In addition, it is easily and relatively cheaply stored, unlike other steel end products. It is not as prone to being damaged and can remain in storage for an indefinite period of time. Oxidation is lost in the re-processing stage.

  • I have some non-ferrous metal/steel and would like to buy or sell on/to the LME

    The LME is a financial market used to manage future price risk, supported by the option of physical delivery (a terminal market). The LME does not facilitate physical trading for the purchase or sale of physical material. Companies with physical metal to sell will normally deal directly with their customers or through merchants. Some LME members are active in the physical market and have a physical trader or trading department trading LME warrants. These members may be able to assist in the sourcing of physical material as an additional service, this however is not their main business.

    Metal that is ‘good for delivery’, is stored on warrant in LME-approved warehouses and must meet the specifications of the individual metal contracts laid down by the LME. In order to ensure the quality of metal held on warrant for delivery against LME contracts, all material must be of a brand listed as good delivery and approved by the LME directors. If a party wishes to sell material and that material is of a brand and specification in accordance with LME rules, then the party can deliver the material to the warehouse, have it placed on warrant and sell it through a broker. A buyer can also source material through their broker (LME members).

     

  • Do futures contracts create steel price volatility?

    Futures contracts provide effective and reliable tools with which to manage volatility. There is no evidence to suggest that futures contracts have any effect on price volatility, in fact this is not their purpose. Without volatility and price risk you would not need a futures contract.

    The reasons that the steel industry is subjected to volatility are similar to those in other industrial metals market. However, they may be more pronounced in the steel industry due to the fact that many producers are no longer able to establish fixed prices for their purchase of raw-material well ahead of time.

    This situation is contrary to many companies in the non-ferrous industry which often have access to their own ore in the ground. The steel producer’s problem is combined with the difficulty for the majority of steel consumers to switch to other substitutes, as well as the lack of risk management tools to reduce price risk. Thus, volatility remains high in buoyant times.

    A futures market introduces the potential for funds and speculators to invest in the industry, their involvement does not increase fundamental volatility in the long run and may dampen cycles by taking the opposite side of a trade to industrial clients. These entities provide significant liquidity to the market.

  • Why the LME for steel billet futures?

    The LME has been trusted to provide risk management services to the international base metals industry for more than 135 years and it has an outstanding record of credibility in its contract specifications, price discovery and physical delivery mechanism.

    In addition, its unique experience of managing the delivery mechanism of an international network of warehouses puts it in a strong position to deliver a physically delivered contract for steel.

    Many steel producers already use the LME for hedging their zinc, tinnickel and aluminium alloy exposure.

  • How are LME Steel Billet futures contracts traded?

    Steel billet can be traded up to 15 months into the future on all three LME platforms: open-outcry Ring trading, electronically on LMEselect, and via the inter-office telephone market. As with all other LME contracts, only members of the Exchange are able to trade; the physical industry and other market participants must access the LME market and its risk management services through the LME’s members.

    Related content

  • How do LME non-ferrous contracts help the steel industy manage risk?

    Non-ferrous metals traded on the LME play an important role in the production of steel products and are used extensively by the global steel industry. These include metals such as:

    • Nickel used in the production of stainless steel for cookware, cutlery, hardware, surgical instruments, major appliances, industrial equipment and automotive, aerospace and construction
    • Zinc used for galvanising steel used for applications where rust resistance is important such as automotive, construction and amongst other things metal buckets
    • Tin for tinplate for packaging
    • Secondary aluminium used to remove oxygen during the steel melting process.

    In addition, minor metals traded on the LME are also used in steel production. These include:

    • Molybdenum used as hardening agents in the production of stainless steel and other alloys of steel such as for structural use
    • Cobalt which also acts as a hardening agent is used in the manufacture of high speed steel e.g. for drill bits and similar cutting tools and special steel.

    A number of major international steel producers already hedge their exposure to non-ferrous and minor metals using the LME. Where they do this the tendency is to hedge on a strategic basis looking at overall annual exposure. In some cases, particularly for nickel and tin, producers may choose to hedge 100% of their exposure to remove the impact of changes in price for these higher priced products on their final product.

  • How do futures contracts help the steel industry?

    LME Steel Billet futures contracts enable the steel industry to manage volatility in steel prices through hedging. Hedging is the process of managing the risk of a price change by offsetting it in the futures market.

    The ability to hedge gives producers, consumers and merchants in the industry the choice of how much price risk they are prepared to accept.

  • What is the LME?

    The London Metal Exchange is the world's premier non-ferrous metals market. The LME offers futures and options contracts for aluminium, copper, tin, nickel, zinc, lead, aluminium alloy and NASAAC, steel billet, cobalt and molybdenum

  • What are project templates?

    The project & system details content template is based on the standard template and will display the following fields for projects on the page:

     

    • Project / System name
    • Accordion - FAQs
    • Document Listing
  • What is a non-ferrous metal?

    A non-ferrous metal is a metal that is not ferrous, that is, any metal, including alloys, that does not contain iron in appreciable amounts.

  • Where can I check dates and locations of training courses?

    Dates and locations of LME courses are published on our course calendar and locations pages.

  • Where can I find more information about the LME?

    You will find a variety of information about the LME on our website including information about our contractstrading on the Exchange and how to access the market.

    You can also find an extensive overview of the Exchange in our official book The LME Official Guide to Managing Metals Price Risk which is available for purchase on our online store.

  • Which language are the training courses conducted in?

    All courses are taught in English unless specified on our website.

     

  • What is the cancellation policy when booking a training course?

    We need to receive written confirmation of any cancellation up to 15 days prior to the course to process a full refund. Any cancellation within 15 days of the course will not be entitled to a refund. Once the cancellation has been processed written confirmation will sent.

  • What is the dress code when I attend a training course?

    The dress code for our courses is smart-casual. Preferably no jeans or trainers.

  • When is the deadline for payments for training courses?

    Payment must be received prior to the course in order to ensure a place.

  • Why do I have to pay VAT on your training courses in London when I’m from abroad?

    VAT needs to be charged in addition to the cost of the course provided by LME.

    Under current UK VAT law, where a UK registered business provides training or information seminars in the UK, VAT will be imposed on the supply, regardless of whether the recipient is a resident or non-resident of the UK.

    As a result, LME is required to remit VAT on the value of its seminars to Her Majesty's Revenue and Customs (HMRC).

    Please note, you may be able eligible to reclaim the amount of VAT paid through your VAT return (UK registered companies) or through a 13th Directive claim (non-resident non-registered companies).

  • Will I receive any materials after attending the training courses?

    Yes, we will send you a digital copy of the course presentation a few days after the training.

  • How can I sign up for LME education courses?

    Details of all the LME training courses, dates and locations are available from the LME website at http://www.lme.com/education/home.asp . If you need more information you can also email marketing@lme.com

  • Who is the trainer for my course?

    You can find all the information regaridng the trainer for your course on the course details page.

  • Who should I contact if I have any questions regarding training courses?

    If you have any questions about LME training courses you can email  education@lme.com or call +44 (0) 207 264 5555.

  • Who should I contact to cancel a registration for a training course?

    Please send an email to education@lme.com

  • Is lunch included when I book a training course?

    All our training courses include breakfast, lunch and two coffee breaks.

  • Do you have any audio visual material available?

    series of introductory videos are available to view online. The videos cover a number of topics related to the LME including:

    • An introduction on the LME
    • What are LME futures and options?
    • What is hedging?
    • What's in a price?
    • Why is warehousing and brands important?
    • Trading on the LME
    • Case study: managing price risk
  • Do you offer online training courses?

    We are currently implementing an online course. This will be available on our website when they have been launched.

  • How can I pay for a training course?

    Payment can be made by credit card or bank transfer, bearing in mind that we should receive payment prior to the course.

  • Can I get a certificate at the end of a training course?

    Yes, we issue certificates upon request. Please email education@lme.com

  • Can you send me the attendee list for the training course I am attending?

    The LME does not provide any delegate details prior to a course. On the day of the course you will receive a list with all the delegates who have given permission to be included in the attendee list.

  • Can you send me the materials prior to the training course?

    The course materials are the printed presentations you receive in the course, without any explanation it is difficult to follow them. For this reason we usually do not send the materials prior to the course.

  • How do I find out about training courses run by the LME?

    The LME offers an extensive range of interactive courses which cover many aspects of pricing, trading and hedging on the LME as well advanced sessions. Find out more information on course content, dates and locations.

  • I am registered for a training course but I can’t attend, can my colleague attend in my place?

    Yes. We can change the name on a booking provided that the invoice has already been paid. Once the change has been processed written confirmation will sent.

  • Is accommodation included in the price of a training course?

    Accommodation is not included in the course price. We will provide you with information about staying at the course venue and any special rates available.

  • How can I receive news about training courses?

    If you would like to receive the updates on new courses and locations please register online.

  • What is the programme for the training course I am attending?

    You can check the programme for each course on our website. Visit our courses page to get full details..

  • How do I find out about training and educational courses run by the LME?

    The LME runs regular introductory courses on the LME, hedging and traded options.

    Get full details of all LME authorised training courses

  • I need help using the hedging simulators. Can I have a guide to use them?

    Within the app, click on the question mark button for a quick guide to the hedging simulators.

  • I have lost the email with the password for the LMEapp after I registered. Can you please resend it to me?

    Please contact app@lme.com for your password to be resent.

  • I can’t see any prices on the LMEapp, what’s wrong?

    Have you registered your details and received a username and password?

    Please register here to view prices on your app http://www.lmeapp-reg.lmexgw.com/

    You may need to update the app on your device Appstore to receive the latest prices, so check whether there have been any updates.

    If you still can’t view prices, select to go backwards and forwards to refresh the data.

  • What are the terms and conditions of use of the LMEapp?

    To view the privacy policy and terms and conditions of the LMEapp, please visit the LMEapp page.

     

  • Will you be launching an LMEapp for Blackberry or Android handsets?

    The LME is planning to launch apps for Blackberry and Android handsets in the near future; we will keep you updated on www.lme.com when they become available. If you have any other suggestions about future developments we would love to hear from you at app@lme.com

  • Why am I getting a white screen on the LMEapp?

    It may be necessary to manually go backwards and forwards to the item you want to view, this will refresh the data and the screen may momentarily go white.

  • Where can I find more information on LME prices and services?

    You can find more information on LME services here and you can also view information on the LME prices and reports.

  • Help with the Appstore

    Please contact Apple

  • Are the prices provided in real-time?

    The prices displayed on the LMEapp are next day delayed and are updated once daily at 2:00am UTC time. If you require access to real time data please view the list of the LME’s licensed market data providers.

  • Why do I need to register to use the LMEapp?

    To access LME prices, users need to register their details with the London Metal Exchange at http://www.lmeapp-reg.lmexgw.com/ . We will treat your personal information confidentially.

  • How do I access prices once I’ve downloaded the app?

    To access LME prices, users need to register their details with the London Metal Exchange at http://www.lmeapp-reg.lmexgw.com/. We will treat your personal information confidentially.

  • I am having technical problems with the LMEapp, who can I contact?

    Contact us by emailing app@lme.com and we will get back to you during London office hours. Please note that iOS versions 4 and below are not supported.

  • How do I register my details to use the LMEapp?

    Registering takes a couple of minutes and is free of charge via the LME’s website at http://www.lmeapp-reg.lmexgw.com/

  • How do I download the LME app?

    Provided you already have an apple or android device and a login to the Appstore or Google Play, you can download the app and install it on your mobile device instantly.

  • What are the technical requirements to access the LME XML next day feed?

    You will need an internet connection to access the XML service, using a HTTPS request. The XML Data Specifications outline all the requirements for accessing for the XML next day data feed. For a copy of the XML Data Specifications please contact Customer Support.

  • What are the cancellation procedures once I have subscribed to the LME XML next day feed?

    Once you have subscribed to the LME XML next day feed, your subscription will automatically renew on your current expiry date. You will be sent a reminder email 40 days before your subscription renews and you will have up to 30 days before your subscription renews to confirm if you would like to cancel.

  • How do I subscribe to the LME XML next day feed?

    The subscription process depends on whether you wish to distribute LME market data or use it only within your own organisation.   Find out more

  • What is XML?

    XML: Extensible Markup Language, is a textual data format widely used in web services and provides maximum flexibility for the transport and storage of information in a wide variety of structural formats.

  • What is the time delay of the next day data?

    Subscribers will have access to the LME next day data feed at 00:10 UK time each day which will contain data for the previous trading day.

  • What data is available on the LME XML next day feed?

    The XML Data Specifications contains details on all available data. For a copy please contact Customer Support. The data included is sourced directly from the London Metal Exchange and includes daily reference prices, forex rates and key reports including traded volumes and the warehouse stock movements report.

  • Do you offer a free trial?

    We do not offer a free trial, however we do provide a data specification document that describes the service in detail so new subscribers can review the XML format and develop integration solutions. For a copy of the document please contact Customer Support.

  • Do I need a license to distribute LME data within my company?

    An LME data distributor license is not required as long as the data is used for internal purposes only and not sent to external parties or displayed on public websites. Find out more

  • Can I display LME next day data on my website?

    You can display LME next day data once you have become a licensed LME data distributor. There is a one-off registration fee of £1500.  Find out more

  • How can I be licensed as an LME next day data distributor?

    Please complete the Licensed Data Distributor Application documents and send this to the LME.  Find out more

  • Do you provide training on how to understand LME data?

    The LME has an education team who deliver seminars throughout the world. We also recommend you download the ‘Guide to LME market data’ document.

  • Do you provide support on how to understand XML?

    As XML is a popular encoding language widely used for its flexibility in electronic data dissemination by many web services, therefore, we do not provide support. However, there are many documents and seminars advertised throughout the internet where you can access additional support and training. Most web developers are familiar with this format.

    LME XML Data Specifications will provide the information your developers will require to integrate the service with your systems, please contact Customer Support for a copy.

  • What is LMEselect?

    LMEselect is the electronic trading platform for the LME.

  • How is the settlement price established?

    The settlement price for expiring contracts is the parent contract LME Official Settlement Price (cash sellers') established on the cash day for the Third Wednesday prompt of the expiring month.

  • What savings in initial margins are given by LCH.Clearnet on inter-commodity spread positions where one ‘leg’ is on the LME ‘parent’ contract and the opposite ‘leg’ is on the LMEmini contract for the same metal?

    LCH.Clearnet will allow an amount of inter-commodity credit between the LME parent contract and the LMEmini spreads. This credit will reduce the initial margin for both contracts. Please refer to Portfolio 3b note 3 in the working examples of LMEmini initial margining download.

    Download working examples of LMEmini initial margining

  • Who will be interested in these contracts?

    LMEminis will appeal to market participants who wish to trade monthly contracts that are not physically deliverable, with smaller tonnages, via an electronic trading platform or the telephone market.

    Such interested parties would be: LME members, hedge funds, CTAs, arcades, Independent Software Vendors (ISVs), proprietary houses, retail investors, day traders, small professional traders, large professional traders and funds.

    LMEminis will also be attractive to the physical metals industry, particularly those looking to trade smaller tonnages than the standard LME contracts or a simple monthly prompt date system.

  • Who can trade LMEminis?

    LMEminis can be traded via LMEselect by members, and clients of members can trade through a member’s order routing system, or via the telephone.

  • How are LMEminis traded?

    LMEminis are traded electronically on LMEselect, from 01:00 to 19:00 hours ( London time) on LME trading days, and on the 24 hour telephone market.

  • How are LMEmini and parent metal contracts margined?

    Initial margins are set by LCH.Clearnet in agreement with LME. LCH.Clearnet uses London SPAN methodology for its margining. An LME member may, however, charge a different initial margin to its clients than LCH.Clearnet requires from its members.

    If a member or client wishes to calculate London SPAN margins, LCH.Clearnet risk parameter files may be downloaded from LCH.Clearnet website. London SPAN can be programmed into members' systems, or alternatively PC London SPAN, a specially designed PC software program can be used to work out the calculations. More details of PC London SPAN are available on the LCH.Clearnet website.

  • How are the contracts delivered?

    LMEmini contracts are cash-settled and not physically deliverable.

  • How do LMEminis differ from existing LME contracts?

    LMEminis are monthly contracts for one prompt date (the Third Wednesday of every month) per month for 12 months forward. They are traded in smaller lot sizes than existing LME contracts and are cash-settled and therefore not physically deliverable. In contrast to other LME contracts, LMEminis are only tradable on LMEselect and the telephone market.

  • What is the Monthly Moving Average Price (MMAP)?

    The Monthly Moving Average Price (MMAP) is the moving average price for the current LMEswap month based on known LME Official Cash Settlement Prices to date. At the end of the last business day of the current LMEswap month, the MMAP will be the same as the MASP.

  • What is the Month Average Settlement Price (MASP)?

    The Month Average Settlement Price (MASP) is the average of all the daily LME Official Cash Settlement Prices in any given month. In the case of LMEswaps, the difference between the agreed fixed price and the unknown floating price (which becomes the MASP), is settled financially.

  • Who would be interested in using LMEswaps?

    Anyone who prices their physical deals basis the Monthly Average Settlement Price (MASP) and wants to hedge their price risk – especially those whose hedging departments only allow use of on-exchange products.

  • What is the Notional Average Price (NAP)?

    The Notional Average Price (NAP) is the closing price for forward LMEswap months published at the end of each day. The NAP is made up of known LME Official Cash Settlement prices and LME Closing Prices taken from each of the prompt dates for the pricing period.

  • How do LMEswaps differ from OTC swaps?

    On-exchange LMEswaps enjoy more transparent and standardised pricing, are cleared member to member by LCH.Clearnet and offer extra default protection and regulation under LME rules

  • How are LMEswaps priced?

    Visit our LMEswap page for a full explanation of LMEswap pricing.

  • How are LMEswaps margined?

    Initial margins are the same as LME futures contracts. Contingent variation margin is applied using the Notional Average Price (NAP)

  • How do LMEswaps benefit me?

    Any producers and consumers who price their physical negotiations basis the LME Monthly Average Settlement Price (MASP) can use LMEswaps to accurately hedge their physical price risk in just one trade - all in a safe, regulated, transparent and protected environment

  • How do I trade LMEswaps?

    LMEswaps can be traded via the telephone on our 24-hour market or electronically via LMEselect - like all LME contracts you have to be a member or a client of a member to trade LMEswaps.

  • My subscription did not renew

    Reason: Your Credit Card information on file may not have been approved (Expired card, insufficient funds, etc.) and the transaction was denied for this reason.

    • In My Subscription Page the application launch button does not display.
    • In Plan Details, your subscription Status is display as “Expired.”
    • LMElive system notification.
      • The Finance Team will contact you by email on or soon after the scheduled payment date, if your payment fails, and you can update your payment details on your 'My Subscription Page' if you have made an error.
      • Re-subscribe or renew with the direct link included in the e-mail notification:
        • This direct link is valid within 5 days of receiving the e-mail notice, and will take you directly to your credit card/billing information page, where you can modify your information, and complete your transaction.
        • How to manually renew from the My Subscription Page:
        • Please log in to My Subscription Page.
        • Under Plan Details section:
          Click on Edit credit card link to edit and submit correct information.
          Back in My Subscription Page: Click on "Renew" link (under Plan details) and continue with transaction process until payment has been successfully submitted and approved.
          An acknowledgment will display on a successful transaction, from where you will be returned to My Subscription Page and have immediate access to LMElive services.
        • Credit Card expiration notice:
        • At the end of each month the LMElive system e-mails notifications to all customers whose credit cards are due to expire.
      • How Do I Subscribe to LMElive anywhere mobile Service Only

        NOTE: A subscription to LMElive anywhere mobile ONLY service (standalone application) is a real-time data subscription.
        This application for MOBILE devices delivers LME data in real-time; compatible with iPhones™, and the Blackberry™ (including Storm I) devices, and other WAP enabled Smart phones


        Sign Up Page Select your plan type: single or corporate, multiuser plan.


        Subscription Selection page for single plan: Select term (Free Trial, or Monthly renewable)
        Select (check) the Anywhere only subscription plan

        Subscription Selection page for corporate plan: Enter total users in the plan
        Continue with user registration.


        Please see section How Do I Subscribe to LMElive for additional details on the subscription process.
        Note: For corporate plans see complete details immediately below.

      • How Do I Subscribe To An Annual Subscription?

        Annual subscriptions are now available directly from the LME. Annual subscription terms are pre-paid in advance by bank transfer.

        To sign up please contact LMElive Customer Support by email at CustomerSupport@LMElive.com or call toll free (UK) 0 800 032 7759; (International) +44 800 032 7759 for details.


        Renewing Your Annual Subscription: You will receive an email reminder 40 days in advance from the subscription expiration date. You will need to contact customer support via email reply with your decision, including any changes to the current subscription if you choose to renew.

        An LME representative will be contacting you after receiving your decision to renew. If renewal is elected; your subscription will be renewed on the expiration date and an invoice will be issued upon activation. Annual subscription terms are pre-paid in advance by bank transfer.

      • My Transaction Was Not Approved

        After submitting your Credit Card Information, if an error is found during the Credit Card validation the previous page will display an error message:
        Error message (Bold, Red text) will display at the top of the page.
        An email notification will also go out stating the reason for the declined transaction.
        Please review and edit Credit Card information and re-submit payment if required.

        If your transaction is successful:
        An order "Acknowledgement" page will be displayed when payment information has been received successfully. You will immediate access to services via My Subscription Page.
        Note: An LMElive PDF receipt (monthly subscriptions only) will be e-mailed to you

      • When will changes to my subscription take effect?

        Any change to your subscription [Edit Plan or User Details for corporate plans] submitted during your monthly agreement period will take effect on the subscription renewal date. This is to ensure that your billing period is consistent, on a monthly basis.

      • What is the Password Reminder Request Procedure?

        From LMElive.com Login page:
        Click on "Forgot Password" to send an e-mail request to LMElive system Submit required login ID (valid e-mail address) and your confirmation word or phrase for verification.

        On verification of login ID and confirmation word/phrase LMElive will e-mail a “Password Reminder” to user (e-mail address on file).

        Check your email account for the password reminder email. You can use direct link to LMElive login page included in the e-mail reminder to quickly log in.
        Note: passwords are case sensitive.

      • What Is the Cancellation Policy?

        You can cancel your subscription at any time up until 5 days before the Subscription Expiration Date (recommended) to avoid renewing and paying for next month's service.

        A "Cancellation" confirmation e-mail will be e-mailed automatically, if the Cancel request has been successfully submitted and received on time by LMElive.

        Note: The LMElive service(s) just cancelled (status: Pending Cancel) will be available until the Subscription Expiration Date, but will not renew for the next billing cycle.

      • How Do I Change My LMElive Login ID?

        From “My Subscription Page:”
        Click link to change your access/login ID.
        Note: this function is not available to Corporate plan users, except the Primary account holder.

        Change Login ID page:
        Current login ID (your full e-mail address) is displayed.
        Enter a new login ID, overwriting the old one (must be a valid e-mail address).
        Click Submit.
        Note: Login ID change will take effect immediately: you will be logged out from the LMElive.com secure site (My Subscription Page) and asked to login again with the new login ID.


        Note: Login IDs must be valid email addresses and are not case sensitive.

      • How Do I Subscribe to a Corporate Subscription Plan?

        The Primary (account holder) can complete registration and payment process online as follows:
        Sign Up page: Select plan type: Corporate- multi-user options
        Continue with plan options.

        Subscription Options page:
        Enter a total number of users (2 minimum) for your corporate plan.
        To register and select subscription options for each user, Click "Register for a Corporate Plan" button at the bottom of the page to continue.

        Registration page, Part I : Online Access
        Enter Online Access information all fields are required. User First Name
        User Surname
        User/login ID: must be a valid e-mail address-required
        Password
        Re-enter password
        Confirmation phrase
        LMElive anywhere Login ID* For LMElive anywhere mobile service only* : This mobile ID, based on the User Login ID, is assigned automatically but can be edited after a subscription option is selected. Please see subscription selection details below.


        Part II; Subscription options, see below:



        Product descriptions and fee schedule



        LMElive Real-time: per month; US dollars



        Desktop application; compatible with PC and MAC

        $260

        Non-Ferrous and Minor Metals , Steel Billet data




        Desktop PLUS anywhere mobile application; compatible with iPhone, Blackberry and other smart phones.

        $300



        Non-Ferrous, Minor Metals, Steel Billet, PLUS anywhere mobile



        LMElive Delayed:



        Desktop application; compatible with PC and MAC

        $180

        Non-Ferrous, Minor Metals, Steel Billet




        LMElive anywhere mobile service only: in real-time



        anywhere mobile application; compatible with iPhone, Blackberry and other smart phones

        $130

        Non-Ferrous, Minor Metals, Steel Billet



        NOTE: Subscribers to LMElive real-time (desktop) and LMElive anywhere wireless service (mobile application) will not be allowed to login to both applications at the same time.

        Customer Registration Information After completing the Online Access and Subscription options selection for each user click continue to advance to the Customer Registration Information Page.

        Fill in all required fields: the primary account holder's contact information.

        VAT number* section: Immediately below the Customer Information section a VAT number field is provided.
        Please fill in (if applicable) before you continue with your subscription.
        * For EU residents (excluding UK): if you have a VAT number please enter it here to ensure that you are charged the appropriate VAT taxes for your subscription.
        Click "Continue" to submit your registration information and proceed with payment options.

        Payment terms
        Select from: 4 week free trial or monthly renewable
        Note: Credit Card is required for all subscription types and terms. Note: You will submit your credit card information and confirm your order after the preceding Agreement/Order Summary page where you will first review your subscription totals, and accept agreement.

        Agreement/Order Summary Page
        Order Summary:
        Your Subscription details are displayed with prices (all prices in US dollars) including VAT taxes where applicable. *VAT will be applied to all UK and EU residents only. (*EU residents with a VAT number are exempt).
        Subscription fees will be converted to GBP (with current rate as displayed) for UK and EU residents only.
        LME Agreement: Please review and accept (click I Agree button) LMElive online agreement before continuing with your purchase.

        Credit Card Payments
        Credit card information: Fill in all required fields before submitting.
        NOTE: This is require for all subscription terms and plans.
        4 week free trial fees will not be charged at this time, only credit approval is confirmed.

        Billing Information: Edit only if your billing information is different from your customer information.



        Submit Information to continue.

        Order Confirmation
        Please review My Subscription Details (view only), credit card payment details (view only) and your billing details (view only) before placing your order (submit for credit card approval (free trial) or transaction payment for monthly subscriptions).

        Note: When submitting billing changes (new address) from this page: the Order Confirmation page will reload again with the updated subscription details/amounts.


        If the transaction is declined, a message will display in the transaction submission page explaining the reason for the declined transaction. You will receive an email notification with the reason for the declined transaction.
        You will be able to go back and reenter/modify transaction information as needed, and re-submit infinite times until you have successfully completed the transaction.
        Acknowledgement
        The acknowledgement page will display immediately after a successful transaction (monthly) or credit approval (free trial) .
        The acknowledgement page will display Your Subscription Details, and other useful account information.
        You now have immediate access to services through the secure site page My Subscription Page where you can launch the LMElive products.

        System E-mail Notification LMElive system will send an e-mail notification and PDF receipt (with monthly renewable subscriptions only) to your e-mail address (same as login ID). Please keep this for your records.

      • How Do I Subscribe to LMElive?

        Subscription Facts

        Products/Services: LMElive Real-time, LMElive Delayed, LMElive anywhere (mobile service).
        LME Markets : Non-Ferrous, Minor Metals and Steel Billet.

        Subscription Terms: Monthly renewable*; or 4 week free trial (renewable*), see term details below:
        Renewal Period: Calendar month from subscription start date.
        *NOTE: "renewable" means the subscription will automatically renew monthly on subscription expiration date (unless cancelled).
        Payment Method:

        a) Pay by Credit Card, online transaction;
        b) Annual subscriptions are available, please contact customersupport@lmelive.com for details
        Note: VAT will be charged for all UK residents (Billing address), AND EU residents without a VAT number.
        Credit Card Types accepted: American Express, VISA, Master Card, Visa Delta.

        1. Sign Up Page:


        Select subscription plan type:
        Single user plan or Corporate multi-user plan.
        Product fee schedule

        ApplicationLMEliveLMElive anywhere
        Delay Class Real-time Delayed (30 mins) Real-time only
        Desktop, laptop:
        PC, Mac
        Plus LMElive anywhere mobile

        Desktop, laptop:
        PC, Mac

        Mobile application only
        Non-Ferrous, Minor Metals & Steel Billet $260 $300 $180 $130

        All prices are in US Dollar and a 4 week free trial is available.

        NOTE: Subscribers to LMElive real-time (desktop) and LMElive anywhere wireless service (mobile application) will not be allowed to login to both applications at the same time.

        2. Single User Subscription Plan - Registration page


        Part I: Online Access
        Fill in all required fields to set up access to LMElive services.
        Note: An editable anywhere mobile ID is automatically assign (based on the LMElive Login ID entered) and can be used for mobile subscriptions if selected.

        Part II: Customer Registration Information
        Fill in all required fields before proceeding.
        Please enter VAT number if applicable. (IMPORTANT!: EU residents, please enter your VAT number to ensure proper VAT changes for your subscription).

        Click continue to submit your registration information and advance to the Agreement/Order Summary page.

        3. Agreement and Order Summary


        a) Your subscription selections will be displayed for review including all prices, taxes (VAT where applicable) and a total subscription cost.
        You can go back to edit your selections at this time.
        b) LME online user agreement will be displayed for your review:
        You can Decline or click on "I Accept" to continue with the payment process.

        4. Payment Page


        Pay by Credit Card: fill in Credit Card Information section to pay by credit card.
        Note: A credit card is required when subscribing online, for a free trial or monthly terms.
        Billing Information: Edit only if different form what is displayed (your cstomer information).
        Click submit to continue.

        5. Confirmation Page


        Review your subscription options before submitting your information to complete your online transaction.
        NOTE: If you submit Billing Information changes the order confirmation page will be refreshed (reloaded) to display your subscription changes.
        Click submit to continue.

        6. Acknowledgement Page


        An acknowledgement page will display when your transaction is completed and approved.
        An e-mail confirmation will be sent to your registered e-mail address.
        Note: For monthly subscriptions a PDF receipt is sent as an attachment. Please keep this for your records.


        Click on the "Go to My Subscription Page" to be automatically logged into the LMElive.com secure site page for immediate access to your subscribed services.

        1) Corporate, Multi-User Subscription Plan - Sign up

        select corporate multi-user plan as your subscription type.

        2) Corporate Plan, multiple users options

        Enter total number of users in the plan (2 minimum).
        Note: Subscription terms, product selection, LME markets, and pricing are the same as in the Single User Plan, see above for details.
        All plan options are selected on a per user basis in the registration process.
        To continue with the corporate subscription: Click button at the bottom of the page to proceed to the corporate registration page.

        3) Corporate Registration


        Primary (account holder) will fill in required fields for each user in the corporate plan.

        a) Online Access: Fill in all required field (i.e. login ID and password) to access services online.
        b) Subscription options: select one option
        c) Repeat a and b for each user.
        Subscription options: see details below;

        Product fee schedule

        ApplicationLMEliveLMElive anywhere
        Delay Class Real-time Delayed (30 mins) Real-time only
        Desktop, laptop:
        PC, Mac
        Plus LMElive anywhere mobile

        Desktop, laptop:
        PC, Mac

        Mobile application only
        Non-Ferrous, Minor Metals & Steel Billet $260 $300 $180 $130

        All prices are in US Dollar and a 4 week free trial is available.
        NOTE: Subscribers to LMElive real-time (desktop) and LMElive anywhere wireless service (mobile application) will not be allowed to login to both applications at the same time.

        4) Customer Registration

        Customer information is to be filled out by the Primary (account holder).
        VAT section: at the bottom of this page, be sure to include a VAT number if applicable to ensure proper taxation on your subscription.

        5) Payment terms

        Select Terms: 4 week free trial or Monthly subscription
        Note: Credit Card is required to complete an online transaction.
        There are no charges incurred for 4 week trial until the expiration/renewal date, unless cancelled.

        6) Agreement/Order Summary

        See details under Single User Plan above (step 3)

        7) Payment

        Fill in all required fields and submit credit card and billing information for approval.
        Required for all subscription terms (4 week free trial and monthly).

        8) Confirmation

        Review your subscription options before submitting your information to complete your online transaction.
        NOTE: If you submit Billing Information changes the order confirmation page will be refreshed (reloaded) to display your subscription changes.
        Click submit to continue.

        9) Acknowledgement

        An acknowledgement page will display when your transaction is completed and approved.
        An e-mail confirmation will be sent to your registered e-mail address.
        Note: For monthly subscriptions a PDF receipt is sent as an attachment. Please keep this for your records.


        Click on the "Go to My Subscription Page" to be automatically logged into the LMElive.com secure site page for immediate access to your subscribed services.

      • How Do I Change My LMElive anywhere Mobile Login ID?

        From “My Subscription Page:”
        Note: the "Mobile ID" link is available to Single User subscribers and Corporate plan Primary account holders only. This will be available only if you are a subscriber to this service.
        Click the link to modify your access/login ID for the anywhere mobile application.

        Change Login ID:
        Current login ID is displayed. Note a default ID is assigned automatically upon registration and is activated when this service is selected as a subscription option.

        Edit a new mobile login ID, overwriting the old one;
        Note: must be a maximum of 8 letters and or numbers. It is case sensitive.
        Click Submit.
        Note: mobile login ID change submitted successful will take effect immediately.

      • How Do I Complete the Online Subscription Payment Process?

        If you were not able to complete the transaction process - for any reason - you can do so at any time through the My Subscription Page.


        Upon submitted your online Registration and customer information successfully: You are now registered at LMElive.com.

        You can login to My Subscription Page and finish the process, see details below.

        Complete your transaction and activate your LMElive service:
        Go to the LMElive.com home page,
        Click on the LOGIN button at the top right of the page.
        Enter User/login ID and Password to login to the My Subscription Page. Note: You will be able to log in to the secure web page but will not have access to any of the LMElive service at this time.

        Activate via the My Subscription Page
        Subscription status will display as "NA." (Plan Details section) The most common reason for an incomplete payment or transaction is the Credit Card information. Be sure to edit your information before attempting to "activate" your subscription.

        1) Edit Credit Card information, the link is available in the Plan Details section Enter your accurate credit card and billing information and submit.
        If and error occurs: error message will display on the Payment information page. You can re -submit after correcting the required information.
        You will see a confirmation page if the information was submitted successful. From this page you will be able to return you to the My Subscription page to finish the subscription process.


        2) Activate link (User Details link for Corporate Plan Primary): click to complete the subscription process;
        Order confirmation page will display, where you can submit your payment again until your transaction is approved.
        If your transaction is successful, you will see an acknowledgement page, with a link to return to My Subscription Page where you will now have access (button links) to the LMElive subscribed services.

        If the transaction is declined, a message will display in the order confirmation page explaining the reason for the declined transaction.
        You will also receive an email notification with the reason for the declined transaction.
        You will be able to go back and reenter/modify credit card information as needed, and re-submit infinite times until you have successfully completed the transaction.


      • How Do I Change My Single User Subscription Plan to a Corporate Plan?

        You must cancel your current LMElive subscription plan (single user).
        Login to My Subscription Page
        Click on "Cancel" link In the Cancellation window review terms and submit your cancel request (up to 5 days prior to current subscription expiration date, see Cancellation terms).

        When LMElive receives your cancellation request: An email acknowledgement will be sent;
        Your subscription status will change to "Pending cancel";
        You will have access until subscription expiration date.

        On the expiration date your subscription will not renew and will be allowed to expire.
        You can then subscribe to a new Corporate plan In the LMElive.com Sign Up page.
        Click here to see detailed instructions on how to subscribe to a corporate plan.

      • How Do I Change My Password?

        From “My Subscription Page”
        You can change login ID (valid e-mail address) and password at any time when logged into the “My Subscription Page” (secure page).
        Click on Change Password link:

        To Change Password:
        Enter your current password
        Enter a new password
        Re-enter a new password and submit changes.
        Note: Make a note of the new password before submitting. You will be disconnected from the web site and the LMElive login page will load immediately after submitting a your password change.
        LMElive will e-mail a Change of Password notice
        (not including the new password).
        Note: Password change will take effect next time the user logs in to LMElive.com.

        Note: passwords are case sensitive.

      • How do payments and receipts of variation margins differ between LME ‘parent’ metal and LMEmini contracts?

        For LME parent metal contracts, profits are not immediately realised but become due only on the prompt date of the contracts, and discounted to present value, whilst unrealised losses have to paid up whilst the LME parent metal contract positions are open.

        For LMEmini contracts, variation margins are realised each day unlike the parent metal contracts. Daily variation margin payments and receipts are debited or credited to the clearing members' accounts during the life of the open LMEmini position. The LMEmini variation margins are therefore not discounted.

      • How are LMEmini contracts margined and cleared?

        LMEmini contracts are margined on a daily marked-to-market basis. The closing price for the relevant parent contract is used for calculating margins. As with the existing contracts, LMEminis are cleared by LME Clear.