Every metal traded on the LME must conform to strict specifications regarding quality, lot size and shape.
Each LME tradeable contract is likewise governed by rules covering (but not limited to) prompt dates, settlement terms, traded and cleared currencies and minimum tick size.
Note that all contracts are subject to the LME's rules and regulations and LME Clear SPAN margining.
More information
For full contract specification details, please refer to the LME Rulebook and our disclaimer page:
Futures contracts are an agreement to buy or sell a fixed amount of metal for delivery on a fixed future date at a price agreed today.
| Contract code | CA | ||
| Underlying metal | Grade A copper | ||
| Lot size | 25 tonnes | ||
| Prompt dates | Daily: out to 3 months Weekly: 3 out to 6 months Monthly: 7 out to 123 months |
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| Price quotation | US dollars per tonne | ||
| Clearable currencies | US dollar, Japanese yen, sterling, euro | ||
| Minimum price fluctuation (tick size) per tonne | Outright | Carries | |
| Ring | $0.50 | $0.01 | |
| LMEselect | $0.50 | $0.01* | |
| Inter-office | $0.01 | $0.01 | |
| Last trading day | Up until the close of the first Ring the day before the prompt date | ||
| Settlement type | Physical | ||
| Trading venues | Ring, LMEselect, inter-office telephone | ||
| Margining | Contingent variation margin applied | ||
*Certain spread instruments will have different tick sizes. For detailed information, please refer to our tick sizes page.
Options contracts give the buyer of the contract the right but not the obligation to buy (call option) or sell (put option) a futures contract at a set price. The buyer pays a premium for this right.
| Contract code | CA |
| Underlying metal | Grade A copper |
| Lot size | 25 tonnes |
| Contract months | Monthly out to 63 months |
| Underlying contract | LME Copper futures - third Wednesday prompt of the contract month |
| Price quotation | US dollars per tonne |
| Clearable currencies | US dollar |
| Option style | European |
| Trading deadlines | Tuesday before the first Wednesday of the prompt month: Last trading time- by 18.00 Last matching and registration- by 18.15 |
| Expiry date/time | The first Wednesday of the expiring option month at 18.50 UK time |
| Minimum price fluctuation (tick size) | $0.01 per tonne |
| Strike price intervals | $25 - for strikes from $25 to $9,975 $50 - for strikes from $10,000 to $19,950 $100 - for all strikes over $20,000 |
| Exercise of option |
Option exercise is an automated process LME Clear auto-exercise In-the-Money (ITM) options based on the relationship between the strike price and the reference price at expiry. A call option (long or short) is ITM when the reference price is greater than or equal to the strike price (Reference Price − Strike Price ≥ 0), while a put option (long or short) is ITM when the strike price is greater than the reference price (Strike Price − Reference Price > 0). Option exercise will result in a third Wednesday futures contract. . |
| Payment terms | One business day following the trade day |
| Settlement type | Physical |
| Trading venues | Ring, inter-office telephone and LMEselect(as a delta hedged option only) |
| Underlying Contract | LME Copper |
| Description | An LME TAS (trade-at-settlement) order type allows a trader to enter an order to buy or sell a contract (during the course of the trading day) at a price that is equal to, or a number of $0.10 ticks above or below the 3-month Closing Price |
| Contract Code | CA |
| Price Code | TC (Trade at Close) |
| Tick size | $0.10 |
| Price band | Initially, 25 ticks above and below zero |
| Lot size | 25 metric tonnes |
| Trading window | 01.00 - 16.50 |
| Reference price | LME Copper 3-month Closing Price |
| Settlement type | Into underlying 3-month LME Copper future |
Traded Average Price Options (TAPOs) are exchange traded and cleared contracts which settle financially based on the average of the daily LME Official Settlement Prices for the relevant month.
| Contract code | CA |
| Underlying metal | Grade A copper |
| Lot size | 25 tonnes |
| Contract months | Monthly out to 63 months |
| Underlying contract | LME Copper 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) |
Monthly Average Futures are financially settled LME futures contracts based on the Monthly Average Settlement Price (MASP) of the relevant metal.
| Contract code | OC |
| Contract months | Monthly out to 63 months |
| Price Quotation | US dollars per tonne |
| Clearable currencies | US dollars |
| Averaging period | The number of business days in a calendar month |
| Final settlement day | Two business days after the averaging month |
| Settlement price | The settlement price is the Monthly Average Settlement Price (MASP) which is the average of the daily LME Official Cash Settlement Prices of the relevant metal over the number of business days |
| Payment terms | Payment on the final settlement day (two good business days following the final day of the averaging period) via PPS |
| Trading days | Based on current LME trading calendar |
| Last trading day/time | The last business day of the month, before the start of the second Ring at 12.30 |
| Minimum price fluctuation (tick size) | $0.01 per tonne |
| Daily closing price | The Notional Average Price (NAP) of the relevant metal is used to daily mark to market |
| Settlement type | Financial |
| Trading venues | LMEselect and the inter-office telephone market |
| Quality | Grade A copper must conform to the chemical composition of one of the following standards: BS EN 1978:2022 - Cu-CATH-1 GB/T 467-2010 - Cu-CATH-1 ASTM B115-10 (2021) - cathode Grade 1 |
| Shape | Cathodes |
| Lot size | 25 tonnes |
| Warrant | 25 tonnes (with a tolerance of +/-2%) |
| Brands | All copper deliverable against LME contracts must be of an LME-approved brand |
| Contract code | MC |
| Underlying metal | Grade A copper |
| Lot size | 5 tonnes |
| Prompt date | Third Wednesday of each maturity month, subject to trading regulations |
| Maturity months | Monthly out for 12 months |
| Price quotation | US dollar |
| Clearable currency | US dollar |
| Last trading time | By 12.30 two business days before the third Wednesday of the contract month trading in the expiring contract |
| Daily price limit | None |
| Position limit | None |
| Minimum price fluctuation (tick size) | Outright - $0.50 Carries - $0.01 |
| Settlement type | Cash settled on the last trading day basis the Official Cash Settlement Price determined for the prompt date for the relevant underlying metal |
| Trading venues | LMEselect and inter-office telephone |
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