Gain a deeper understanding of the physical market that underpins the global metals industry.
The London Metal Exchange is unique among futures exchanges because of its physically deliverable contracts and global warehousing network. Understanding how metal moves through this system is essential for anyone involved in metals trading, procurement, logistics, financing or supply chain management.
This course provides a practical introduction to the physical side of the LME market, exploring how delivery works, how warrants are used and how the Exchange's warehouse network supports price discovery and market liquidity.
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By the end of this course, you will be able to:
- identify which metals can be delivered through the LME system and understand the approved forms of delivery
- understand physical contract specifications and delivery requirements
- explain responsible sourcing and sustainability obligations within the LME market
- understand the structure and function of the LME warehouse network
- recognise the standards applied to approved warehouse operators
- explain how physical settlement occurs within LME futures
- understand the relationship between exchange prices, premiums and all-in physical market prices
- recognise the LME's role as a market of last resort for physical metal
- understand how to place metal on warrant, transfer ownership and cancel warrants
- explain how warrants support trading, financing and physical market operations.
Course format