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LME reference prices

The Ring

The LME publishes a set of daily reference prices that are used the world over by industrial and financial participants for referencing, hedging, physical settlement, contract negotiations, margining and portfolio evaluations.

Based on some of the most liquid trading sessions of the day, LME prices are good indicators of where the market is at any point in time.

For information about how the Benchmarks Regulation applies to the LME and the prices that is publishes, please see our Benchmark Regulation page.

LME reference prices

The Official Prices (which includes the Official Settlement Prices), are based on trading activity on the Ring. The Unofficial and Closing Prices are based on trading activity on LMEselect. The LME Asian Reference Price is calculated using the volume-weighted average of trades transacted on LMEselect during the most liquid period of Asian trading hours.

Price convergence

The fact that LME futures can be physically settled plays a vital role in ensuring price convergence with the physical metals industry, ensuring that our prices properly reflect global supply and demand.

Price discovery and referencing

Price discovery is one of the most important functions of the LME. The prices discovered on the LME are used the world over as the reference price for physical negotiations.

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Reports

Business continuity

The LME’s BCP Policy sets out alternative arrangements to ensure continuity in the publication of the Official Prices or Closing Prices in the event standard procedures cannot be followed, for example where the Ring is not available or in the event trading on LMEselect is disrupted. The Minimum Volume Requirement (“MVR”) Thresholds, Minimum Visible Volume Requirements (“MVVRs”) and rounding protocols are also set out in this policy.

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