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 | NI | ||
| Underlying metal | Nickel of 99.80% purity (minimum) conforming to B39-79 (2008) | ||
| Lot size | 6 tonnes | ||
| Prompt dates | Daily: out to 3 months Weekly: 3 out to 6 months Monthly: 7 out to 63 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 | $5.00 | $0.01 | |
| LMEselect | $5.00 | $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 | ||
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 | NI | ||
| Underlying metal | Ni 99.8% purity conforming to B39-79 (2008) | ||
| Lot size | 6 tonnes | ||
| Contract months | Monthly out to 27 months | ||
| Underlying contract | LME Nickel futures - third Wednesday prompt of the contract month | ||
| Price quotation | US dollars per tonne | ||
| Clearable currencies | US dollar, Japanese yen, sterling, euro | ||
| Option style | American | ||
| Trading deadlines | Tuesday before the first Wednesday of the prompt month: Last trading time- by 18.00 Last matching and registration- by 18.15 |
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| Expiry date/time | Any LME business day up to and including the first Wednesday of the expiring option month, from 07.30 up to: 11.15 for clearing members 11.10 for clients |
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| 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 |
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| Exercise of options | Option exercise is a manual process. LME Clear auto-exercise in the money options that are equal to or greater than two strikes above and two strikes below the at-the-money strike, as determined by the end of day valuation price of the relevant third Wednesday prompt of the contract month, on the evening before the first Wednesday expiry day. There is manual exercise for the remaining close-to-the-money options. Options exercise will result in a third Wednesday futures contract. |
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| Payment terms | One business day following the trade day |
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| Settlement type | Physical | ||
| Trading venues | Ring, inter-office telephone and LMEselect (as a delta hedged option only) | ||
Please note: TAS functionality for 3-month LME Nickel is not currently enabled.
| Underlying contract | LME Nickel |
| 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 $1 ticks above or below the 3-month Closing Price |
| Tick size | $1.00 |
| Price band | Initially, 25 ticks above and below zero |
| Lot size | 6 metric tonnes |
| Underlying contract | LME Nickel |
| Trading window | 01.00-17.00 |
| Fees | $0.54 per lot, per leg, per side |
| Reference price | LME Nickel 3-month Closing Price |
| Settlement type | Into underlying 3-month LME Nickel 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 | NI | ||
| Underlying metal | Nickel of 99.80% purity (minimum) conforming to B39-79 (2008) | ||
| Lot size | 6 tonnes | ||
| Contract months | Monthly out to 27 months | ||
| Underlying contract | LME Nickel 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 |
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| Expiry date/time | Automatic declaration of in-the-money TAPOs at 15.00 on the last business day of the TAPO month |
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| Minimum price fluctuation (tick size) | $0.01 per tonne | ||
| Strike price intervals | $1 | ||
| Exercise of options | 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 | ON |
| Contract months | Monthly out to 27 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 the 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 | The nickel delivered under this contract must be Primary Nickel and conform to one of the following Standards: i) ASTM specification B39-79 (2023) – min 99.80% purity ii) GB/T 6516-2010 - Ni9990 grade |
| Shape | Cathodes (full plate and cut), pellets, briquettes and rounds |
| Lot size | 6 tonnes |
| Warrant | 6 tonnes (with a tolerance of +/-2%) |
| Brands | All lead deliverable against LME contracts must be of an LME-approved brand. |
| Warehousing | All lead deliverable against LME contracts must be stored in an LME approved warehouse. |
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