Monthly Average Futures contract specifications
LME Nickel
Monthly Average Futures are financially settled LME futures contracts based on the Monthly Average Settlement Price (MASP) of the relevant metal.
| Contract code | OND |
| 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 |
LME Nickel contract specifications
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.
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