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Futures and TAPO averages

A range of average price reports are published for Futures, TAPOs and LMEswaps contracts:

Monthly Average Settlement Price (MASP)

This is based on LME Official Cash Settlement Prices available in the month which are totalled and averaged over the number of business days in the month. It is stated in US dollars per metric tonne. The MASP is the settlement price for LMEswaps and  LME Traded Average Price Options (TAPOs) contracts.

  • The report detailing the Monthly Average Settlement Price is available via licenced data distributors and on this page by the close of business on the first business day of the following month.  

Notional Average Price (NAP)

This 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. These prices are totalled and averaged over the number of business days in the calendar month. Where there are no LME Closing Prices for a date as when there are only weekly and monthly LME prices available, linear interpolation is used to derive a daily price for averaging. NAP is used by LCH.Clearnet in the margin calculations for and will be used for margining LMEswaps.

Monthly Moving Average Price (MMAP)

This is the moving average price for the current LMEswap month. The MMAP is made up of known LME Official Cash Settlement Prices from the current month. These prices are totalled and averaged over the number of business days to date in the current month. On the last business day of the current calendar month after the Official Cash Settlement Price is known and included in the averaging calculation, the MMAP becomes the “Monthly Average Settlement Price” (MASP).

Current calendar year MASP prices

Average prices are published here by close of business in London on the first day of the month for the preceding month.

Documents

Historical data available for purchase

Please note that data published on the LME website is for the current calendar year. Data from previous years is available for purchase from the LME online store.