What are LME Official Prices and how are they calculated?
LME Official Prices are the last bid and offer price quoted during the second Ring session and the LME Official Settlement Price is the last cash offer price.
The full and definitive methodology for calculating LME Official Prices is available below:
Benchmark Methodology - LME Official Prices (PDF)
How is it used?
LME Official Prices are used as the global reference for physical contracts. The LME Official Settlement Price is the price at which all LME futures are settled.
Prompt dates
- Cash, 3-month and 15-month: LME Tin, LME Steel Billet, LME Cobalt and LME Molybdenum.
- Cash, 3-month and one forward December prompt: LME Aluminium Alloy and LME NASAAC.
- Cash, 3-month and three forward December prompts: LME Aluminium, LME Copper, LME Lead, LME Nickel and LME Zinc.
When is it published?
12.30-13.25 London time
Currency
US dollars (LME also publish exchange rates for euro, pound sterling, Japanese yen)
Trading day and price points
| Trading day and price points | London | Singapore | New York |
|---|---|---|---|
| LMEselect open |
01.00 |
09.00 |
20.00 |
| 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 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
All LME Official Prices are considered benchmarks under the UK Benchmarks Regulation (UK BMR) and are 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 – Official Prices (PDF) provides further information required by UK BMR.