TAPOs contract specifications

LME Aluminium

Traded Average Price Options (TAPOs) are exchange cleared contracts which settle financially based on the average of the daily LME Official Settlement Prices for the relevant month.

Contract code  AH 
Underlying metal  P1020A high grade primary aluminium 
Lot size 25 tonnes
Contract months Monthly out to 63 months
Underlying contract LME Aluminium futures - the average of the Cash prompts for each business day of the contract month
Price quotation US dollars per tonne 
Clearable currencies US dollars
Option style  Asian
Trading deadlines The business day preceding the declaration day of the relevant prompt month:
Last trading time - by 18.00 
Last matching and registration - by 18.15
Expiry date/time Automatic declaration of in-the-money TAPOs at 15.00 on the last business day of the TAPO month
 
Minimum price fluctuation (tick size) $0.01 per tonne
Strike price interval $1
Exercise of option LME Clear auto exercise TAPOs. Exercise will result in two futures contracts, one at the strike price and the other at the Monthly Average Settlement Price (MASP). This has the same economic effect as cash settlement two business days after the last trading day of the contract month.
Settlement type Financial
Trading venues Ring, inter-office telephone and LMEselect (as a delta hedged option only)

 

LME Aluminium Contract specifications

25 tonnes
25 tonnes

This is a summary of the contract specifications. For full contract specification details, please refer to the LME Rulebook and for other information, please refer to our disclaimer page. 

Note that all contracts are subject to the LME’s rules and regulations and LME Clear span margining.