LME contracts

LME contracts allow all those along the metal supply chain – from miners, smelters and fabricators, to merchants and consumers - to hedge against price risk. 

Participants can trade metals using LME futures, traded options, traded average price options contracts (TAPOs) and LMEswaps (new for 2012). In addition, the LME offers LMEminis, which are smaller-sized contracts for copper, aluminium and zinc as well as LMEX, an index contract.

Contract	Lot size	Futures	Options	TAPOs	LMEswaps
LME Aluminium	25 tonnes
LME Aluminium Alloy	20 tonnes
LME NASAAC	20 tonnes
LME Copper	25 tonnes
LME Lead	25 tonnes
LME Nickel	6 tonnes
LME Tin	5 tonnes
LME Zinc	25 tonnes
LME Steel Billet	65 tonnes
LME Molybdenum	6 tonnes
LME Cobalt	1 tonne
LMEmini Copper	5 tonnes
LMEmini Alumnium	5 tonnes
LMEmini Zinc	5 tonnes

All LME contracts are traded in lots - which vary in size from 1 to 65 metric tonnes depending on the underlying metal - and priced in US dollars. The LME publishes official exchange rates to enable settlement in pound sterling, Japanese yen and Euros, as well as US dollars.