A range of average price reports including the Monthly Average Settlement Price (MASP), Notional Average Price (NAP) and the Monthly Moving Average Price (MMAP) are published either on lme.com or via licensed vendors. These are detailed below.
Monthly Average Settlement Price
The Monthly Average Settlement Price (MASP) is based on LME Official Cash Settlement Prices available in the month which are totalled and averaged over the number of business days in the month. It is stated in US dollars per metric tonne. The MASP is the settlement price for Monthly Average Futures and LME Traded Average Price Options (TAPOs) contracts.
Monthly Average Settlement Price reports.
UK Benchmarks Regulation
The Monthly Average Settlement Prices are benchmarks administered by the LME pursuant to the UK Benchmarks Regulation (BMR), and collectively constitute the Monthly Average Settlement Prices Benchmark Family (MASPs).
The full and definitive methodology for calculating LME MASPs and further information required by UK BMR are available below:
Benchmark Methodology – LME MASP (PDF)
Benchmark Statement – MASP (PDF)
For more information on those prices permitted to be used as benchmarks, please see the Benchmark Regulation page.
Notional Average Price
This is the closing price for forward Monthly Average Future months published at the end of each day. The notional average price (NAP) is made up of known LME Official Cash Settlement prices and LME Closing Prices taken from each of the prompt dates for the pricing period. These prices are totalled and averaged over the number of business days in the calendar month. Where there are no LME Closing Prices for a date as when there are only weekly and monthly LME prices available, interpolation is used to derive a daily price for averaging. NAP is used by LME Clear in the margin calculations for and will be used for margining Monthly Average Futures.
Notional Average Price reports are available via licensed data distributors.
Monthly Moving Average Price
The Monthly Moving Average Price (MMAP) is made up of known LME Official Cash Settlement Prices from the current month. These prices are totalled and averaged over the number of business days to date in the current month. On the last business day of the current calendar month after the Official Cash Settlement Price is known and included in the averaging calculation, the MMAP becomes the Monthly Average Settlement Price (MASP).
The Monthly Moving Average Price is available via licensed data distributors.