LME Aluminium Premiums Contract specifications

Contract specification Description
Contract names LME Aluminium US Premium LME Aluminium West-Europe Premium  LME Aluminium East-Asia Premium LME Aluminium South-East Asia Premium 
Contract codes AN AW AE AS
Regions Midwest and South US regions (as per US Census Bureau) Western Europe (as per UN Geoscheme M49 classification) Eastern Asia (as per UN Geoscheme M49 classification) South-Eastern Asia (as per UN Geoscheme M49 classification)
Underlying metal High-grade primary aluminium premium warrant in the designated region
Lot size 25 tonnes
Prompt dates Third Wednesday of each maturity month, subject to trading regulations
Maturity months Monthly out to 15 months
Price quotation US dollars per tonne
Clearable currencies US dollars
Position limits As appropriate position management regime will be implemented
Minimum price fluctuation (tick size) per tonne Tick sizes to follow the main LME Aluminium contract:

Outrights
Ring: $0.50
LMEselect: $0.50
Inter-office: $0.50
Carries
Ring: $0.01
LMEselect: $0.01
Inter-office: $0.01

Last trading day and time By 19:00 (London local time) two business days before the third Wednesday of the contract month trading in the expiring contract
Settlement type Physically delivered
Seller provides: LME aluminium premium warrant in the designated region
Buyer provides: Any LME aluminium warrant, PLUS the premium cash as agreed at contract formation, LESS the premium aluminium FoT charge at the warehouse where the LME aluminium premium warrant is delivered.
Trading venues Ring, LMEselect, inter-office telephone
Trading hours Ring: Five minutes for all regions at end of Ring 2 for Official Prices and Afternoon Kerb for Closing Prices
LMEselect: 01:00 - 19:00 London local time
Inter-office: 24 hours a day
Margining Initial and contingent variation margins applied per LME Clear risk management parameters