The Position Surveillance team monitor positions in line with the rules around regulatory position limits.
Explore our consolidated overview of LME regulatory requirements, key contracts, and PS25/1 reform materials, including position limits, exemptions, and supporting documentation.
1. Critical and related contracts
The Critical Contracts are futures contracts on LME Aluminium (AH), LME Copper (CA), LME Lead (PB), LME Nickel (NI), LME Tin (SN) and LME Zinc (ZS).
The Related Contracts are the relevant metal Option Contracts, LMEmini Contracts, Monthly Average Futures (“MAFs”), Traded Average Price Options (“TAPOs”) and Trade-at-Settlement (“TAS”) Contracts held in relation to the same underlying metal as the critical contracts.
LME Critical and Related Contracts (XLS)
2. Regulatory position limits
| Commodity derivative name | Spot month position limit | Other month position limit |
| LME Aluminium | 30,000 | 45,000 |
| LME Copper | 18,000 | 25,000 |
| LME Lead | 7,000 | 8,000 |
| LME Nickel | 11,000 | 14,000 |
| LME Tin | 1,000 | 1,100 |
| LME Zinc | 10,000 | 13,000 |
LME Position Limits Contract Names VPC (XLS)
3. Accountability thresholds
| Commodity derivative name | Spot month accountability threshold | Other month accountability threshold |
| LME Aluminium | 15,000 | 22,500 |
| LME Copper | 9,000 | 12,500 |
| LME Lead | 3,500 | 4,000 |
| LME Nickel | 5,500 | 7,000 |
| LME Tin | 500 | 550 |
| LME Zinc | 5,000 | 6,500 |
LME Accountability Thresholds Contract Names VPC (XLS)
4. Attachments - policies and application forms
Policies
Policy Relating to Position Management Arrangements (PDF)
Policy Relating to Regulatory Position Limits and Exemption (PDF)
Application forms
Regulatory Position Limit Exemption Application - Hedging Exemption (PDF)
Regulatory Position Limit Exemption Application - Pass-Through Hedging Exemption (PDF)
Regulatory Position Limit Exemption Application - Liquidity Provider Exemption (PDF)
5. Technical documents
6. PS25/1 Timeline
April 2026 - Reforming the commodity derivatives regulatory framework
In April 2026 the LME published a Decision Notice with the feedback to the Consultation paper to obtain the views of its Members and all other interested parties in respect of its proposals to implement in its Rules and Regulations the new rules by the Financial Conduct Authority (the “FCA”) as they will be set out in Chapter 10 of the Market Conduct source book (“MAR 10”) .
February 2026 - Reforming the commodity derivatives regulatory framework
In February 2026 the LME published a Consultation to obtain the views of its Members and all other interested parties in respect of its proposals to implement in its Rules and Regulations the new rules by the Financial Conduct Authority (the “FCA”) as they will be set out in Chapter 10 of the Market Conduct source book (“MAR 10”) .
December 2025 - Reforming the commodity derivatives regulatory framework
In December 2025 the LME published an update setting out how the LME intends to implement PS25/1 and how the changes under the regime complement the current LME Position Management regime.
February 2025 - Reforming the commodity derivatives regulatory framework
In February 2025 the FCA published its final rules and guidance on reforming the commodity derivatives regulatory framework (PS25/1). The majority of the FCA rules and guidance will come into force on 6 July 2026. For more information download: