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The use of daily prompt dates is an important difference between the LME and other futures exchanges. Daily prompt dates mean the Exchange combines the convenience of settlement dates tailored to individual needs with the security of a clearing house for its clearing members.
From the Cash prompt date LME contracts can be traded for delivery almost any business day forward until 3 months.
Beyond the 3-month date, prompts for forward trading are reduced to weekly prompt dates up to 6 months forward.
Beyond 6 months one tradable prompt date is available for each month. This monthly prompt date is on the third Wednesday of the month. Monthly prompt dates extend out to 15, 27, 63 or 123 months forward depending on the material being traded.
Weekly prompt dates usually fall on a Wednesday while monthly prompt dates are normally the third Wednesday of the month. Where these are altered due to bank or public holidays or other non-tradable dates an LME notice will be issued to provide a substitute prompt date and be noted on the trading calendar.
With the exception of LMEmini and LMEX contracts, which do not have a daily prompt structure, the latest point in time an outstanding futures position can be closed on the LME is 12:30pm the trading day before the prompt date.
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