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 The LME is a 24-hour market with trading taking place through an inter-office telephone market and LMEselect, the LME's electronic trading platform. The LME is most famous for its open-outcry trading between ring dealing members, which takes place on the market floor.
Each day the LME announces a set of official prices, which are determined from trading on the Exchange. This trading is highly liquid and trade and industry has confidence that they properly reflect the current supply/demand situation as well as the market's projection of supply and demand in the future.
These prices are used by industry worldwide as the basis for contracts for the movement of physical material throughout the production cycle.
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All published reference prices are based on actual trading data. The method of price discovery depends on the contract and the platforms it is traded on.
LME provides a huge range of pricing data on a real, 30 minute and next day basis
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