What are LME Closing Prices?

LME Closing Prices (also known as “Evening Evaluations”) are prices discovered through LMEselect trading activity that takes place 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 prompt date.

How are LME Closing Prices calculated?

LME Closing Prices are determined in two separate ways: the Additional VWAP Methodology and the Last Price Methodology. The metals and prompt dates that utilise each methodology is determined by considering factors such as contract liquidity. This determination is subject to periodic review by the LME.

Additional wap methodology last price methodology

Additional VWAP Methodology

The Additional VWAP Methodology is designed to make LME Closing Prices more deterministic, transparent and objective by extending the use of VWAPs from 3-month only, to five additional liquid prompt dates at the front of the price curve (CASH and the first four 3rd Wednesday monthly dates).

The methodology calculates the average price of trades over the five-minute pricing window according to the volume of contracts traded. Therefore, the LME Closing Price represents all the applicable trades that take place over the pricing window, with each trade’s influence on the price being proportionate to its size. If the five-lot minimum volume requirement (MVR) is not met, the price will be calculated instead using a time-weighted average price (TWAP) over the pricing window.

Last Price Methodology

The Last Price Methodology is used to calculate the price of those metals and prompt dates not determined using the Additional VWAP methodology.

A multifaceted approach is deemed the most appropriate way to determine the Closing Prices, acknowledging factors such as the complexity of the LME date structure and contract liquidity.

Further information

For more information on how the Closing Prices are calculated, refer to the Benchmark Methodology below:

Benchmark Methodology – LME Closing Prices (PDF)

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

Closing Prices evolution

More information on the way the LME calculates its Closing Prices and the evolution of the methodologies can be found here:

Closing Price methodology evolution 

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?

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.

Last price methodology Additional VWAP methodology

When are LME Closing Prices published?

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


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 

* All times are London time unless stated otherwise

07.00 GMT

(08.00 BST)


02.00 EST

(03.00 EDT)

Stock inventories published
Ring open
LME Official and Official Settlement Price established
LME Closing Price established
Ring close
LME Final Closing Price published from
LMEselect close

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

Access these prices


Historical data



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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