|Deliver type||Cash settled|
|Lot size||10 tonnes|
||Monthly out to 15 months|
|Price quotation||US dollars per tonne|
|Clearable currency||US dollars|
|Minimum price fluctuation (tick size) per tonne||Outright||Carries|
|Termination of trading||Last LME business day of the contract month.|
|Daily settlement procedure||LME Market Operations will calculate daily settlement values based on its published procedure|
|Final settlement procedure1||Final settlement, following termination of the trading for a contract month, will be based on the reported arithmetic monthly average of Argus’ Ferrous scrap HMS 1/2 (80:20) containerised CFR Taiwan price, which is available from Argus from 17.00 Singapore time on the last trading day.
|Trading venues||LMEselect and inter-office telephone|
|Trading hours||LMEselect||01:00 - 19:00 London time|
|Inter-office||24 hours a day|
|Margining||Realised variation margins applied|
1In certain circumstances, the cash-settled futures Index that is used as the Final Settlement Price for this cash-settled future may be known before the last trading date/time. In these circumstances, it will be possible for market participants to enter bids and offers, and to trade, in this cash-settled future on LMEselect and in the inter-office market on the basis of a known price. The Exchange shall not accept any liability for any losses that a market participant may incur as a result of trading activity conducted in these circumstances.