What are LME Closing Prices?
LME Closing Prices (also known as “Evening Evaluations”) are prices discovered basis LMEselect trading activity during specific “pricing periods” towards the end of the trading day. LME Closing Prices reflect the USD value of one metric tonne of the relevant metal and relevant prompt date, where the metal must comply with the requirements of the applicable LME contract specification set out in the LME Rulebook.
How are LME Closing Prices calculated?
LME Closing Prices are determined by the LME Quotations Committee based on trading activity on LMEselect including trades, bids and offers.
Depending on prompt date and other factors (like liquidity) the LME Quotations Committee calculate LME Closing Prices using a waterfall methodology and a combination of:
- volume weighted average price
- last traded price
- bids and offers
- spreads
- expert judgement
The full and definitive methodology for calculating LME Closing Prices is available below:
Benchmark Methodology – LME Closing Prices (PDF)
The times at which business can be conducted on LME’s execution venues (including the operating hours of LMEselect) are set out below and the periods for which activity is taken into account in determining LME Closing Prices are also set out in the methodology.
Trading on the LME’s execution venues is subject to such controls including, but not limited to, daily price limits, that are designed to support a fair and orderly market.
How are LME Closing Prices used?
LME Closing Prices are used by LME Clear and LME members for calculating margins. They are also used by a number of ETFs, funds and indices as basis of valuation.
Prompt dates
All prompt dates.
When are LME Closing Prices published?
| Metal | Provisional prices (London time - approximate) | Final prices (London time - approximate) |
|
Zinc |
16:00 | 17:50 |
| Tin | 16:10 | 17:50 |
| Lead | 16:20 | 17:50 |
| Cobalt | 16:25 | 17:50 |
| Aluminium | 16:35 | 17:50 |
|
Aluminium Premiums, Aluminium Alloy, NASAAC |
16:40 | 17:50 |
| Copper | 16:50 | 17:50 |
| Nickel | 17:00 | 17:50 |
Currency
USD, EUR, GBP, JPY
In addition to USD, the LME also publishes converted prices for JPY, GBP and EUR at approximately 18:15 London time. These converted prices are not considered benchmarks under the UK BMR.
Trading day and price points
| Trading day and price points | London | Singapore | New York |
|---|---|---|---|
| LMEselect open | 01.00 |
09.00 | 20.00 |
|
LME Asian Reference Price
* All times are London time unless stated otherwise |
07.00 |
15.00 |
02.00 |
| Stock inventories published |
09.00 |
17.00 |
04.00 |
| Ring open |
11.40 |
19.40 |
06.40 |
| LME Official and Official Settlement Price established |
12.20-13.25 |
20.20-21.25 |
07.20-08.25 |
| LME Official and Official Settlement Price published |
12.20-13.25 |
20.20-21.25 |
07.20-08.25 |
| LME Unofficial Price established and published |
15.00-15.35 |
22.00-22.35 |
10.00-10.35 |
| LME Closing Price established |
15.50-17.00 |
22.50-00.00 |
10.50-12.00 |
| Ring close |
17.00 |
00.00 |
12.00 |
| LME Final Closing Price published from |
17.50 |
00.50 |
12.50 |
| LMEselect close |
19.00 |
02.00 |
14.00 |
Access these prices
UK Benchmarks Regulation
Whilst not all LME Closing Price prompt dates are considered benchmarks under the UK Benchmarks Regulation (UK BMR), they are all determined utilising the above methodology. For more information on those prices permitted to be used as benchmarks, please see the Benchmark Regulation page.
The Benchmark Statement – Closing Prices (PDF) provides further information required by UK BMR.