Monthly Average Futures contract specifications

LME Copper

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

Contract code  OCD 
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 Copper 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.