Monthly Average Futures contract specifications

LME Lead

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

Contract code  OPD 
Contract months  Monthly out to 15 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 Lead 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.