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What are LME Closing Prices?

LME Closing Prices (also known as “Evening Evaluations”) are prices discovered basis LMEselect trading activity during specific “pricing periods” towards the end of the trading day. LME Closing Prices reflect the USD value of one metric tonne of the relevant metal and relevant prompt date, where the metal must comply with the requirements of the applicable LME contract specification set out in the LME Rulebook.

How are LME Closing Prices calculated?

LME Closing Prices for aluminium and lead are determined by a new methodology (effective 22 January 2024) which extends the use of VWAP from 3-month only, to five additional liquid prompt dates (CASH and the first four 3rd Wednesday monthly dates).

The new methodology is designed to make LME Closing Prices more deterministic, transparent and objective.

Copper, zinc, and nickel will follow suit on 18 March 2024 – until then, these contracts will continue to be priced basis a VWAP for the most liquid 3-month contract, and a “last price” methodology (combined with expert judgment from the LME’s Trading Operations Team) for all other prompt dates.

The Minimum Volume Requirement (MVR) thresholds can be found in the Benchmark Methodology below.

New LME Closing Price methodology explained

Benchmark Methodology – LME Closing Prices (PDF)

The times at which business can be conducted on LME’s execution venues (including the operating hours of LMEselect) are set out below and the periods for which activity is taken into account in determining LME Closing Prices are also set out in the methodology.

Trading on the LME’s execution venues is subject to such controls including, but not limited to, daily price limits, that are designed to support a fair and orderly market.

How are LME Closing Prices used?

LME Closing Prices are used by LME Clear and LME members for calculating margins. They are  also used by a number of ETFs, funds and indices as basis of valuation.

Prompt dates

All prompt dates.

When are LME Closing Prices calculated?

Non VWAP methodology prompts1

Metal(s) 3M pricing window Spread pricing window

Cobalt

 15:50 - 15:55  15:50 - 15:55
Aluminium premiums, aluminium alloy and NASAAC  15:55 - 16:00  15:55 - 16:00
Tin  16:05 - 16:10  16:00 - 16:05

13-month established by VWAP (if MVRs not met, Last Price methodology used). All other prompts valued using existing last price methodology.

VWAP methodology prompts

Metal Anchor pricing window Spread pricing window

Nickel

 16:15 - 16:20  16:10 - 16:15
Aluminium  16:25 - 16:30  16:20 - 16:25
Zinc  16:35 - 16:30  16:30 - 16:35
Copper  16:45 -16:50  16:40 - 16:45
Lead  16:55 -17.00  16:50 - 16:55

When are LME Closing Prices published?

Provisional closing prices will be determined and published by the Quotations Committee, as soon as is practical after each metal’s Pricing Window has ended (or at a revised time communicated by the LME).

Currency

US dollars, euro, pound sterling, Japanese yen.

In addition to US dollars, the LME also publishes converted prices for Japanese yen, pound sterling and euro at approximately 18:15 London time. These converted prices are not considered benchmarks under the UK BMR.

Trading day and price points

Trading day and price points London Singapore New York
LMEselect open 01.00
09.00 20.00

LME Asian Reference Price

  • Established 06.55-07.00 (07.55-08.00 BST*)
  • Provisional prices published 07.01 (08.01 BST*)
  • Confirmed at 07.03 (08.03 BST*);

* All times are London time unless stated otherwise

07.00
15.00
02.00
Stock inventories published
09.00
17.00
04.00
Ring open
11.40
19.40
06.40
LME Official and Official Settlement Price established
12.20-13.25
20.20-21.25
07.20-08.25
LME Official and Official Settlement Price published
12.20-13.25
20.20-21.25
07.20-08.25
LME Unofficial Price established and published
15.00-15.35
22.00-22.35
10.00-10.35
LME Closing Price established
15.50-17.00
22.50-00.00
10.50-12.00
Ring close
17.00
00.00
12.00
LME Final Closing Price published from
17.50
00.50
12.50
LMEselect close
19.00
02.00
14.00

The Closing Prices shall be published on the wallboards surrounding the Ring as close to 17:50 London time as practicable.

Access these prices

LMElive

Historical data

Reports

Distributors

UK Benchmarks Regulation

Whilst not all LME Closing Price prompt dates are considered benchmarks under the UK Benchmarks Regulation (UK BMR), they are all determined utilising the above methodology. For more information on those prices permitted to be used as benchmarks, please see the Benchmark Regulation page.

The Benchmark Statement – Closing Prices (PDF) provides further information required by UK BMR.

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