Monthly Average Futures contract specifications

LME Aluminium

Monthly Average Futures are financially settled LME futures contracts based on the Monthly Average Settlement Price (MASP) of the relevant metal.

Contract code OAD 
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

 

LME Aluminium 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.