In 2023, the LME announced it would be evolving the way Closing Prices were being calculated by expanding the use of volume-weighted average prices (VWAPs) for the most liquid contracts.

The phased changes, (which started with aluminium and lead on 22 January 2024, followed by copper, zinc and nickel on 18 March 2024) are designed to make the Closing Price Methodology more:

  • deterministic
  • transparent
  • objective

The evolution followed a market-wide consultation (set out in notice 23/091) as part of the LME’s Action Plan to strengthen and modernise our markets.


Last Price Methodology

For those metals and prompt dates included in the implementation, the LME moved from using the Last Price Methodology – which used a VWAP for the most liquid 3-month contract, and a “last price” waterfall (combined with Expert Judgement from the LME’s Quotations Committee) for all other prompt dates – to the “Additional VWAP Closing Price Methodology”.

pre Q1 2024 closing prices methodology for all metals

Additional VWAP Methodology

Today, the Additional VWAP Closing Price Methodology extends the VWAP to five additional prompt dates (CASH and the first four 3rd Wednesday monthly dates), for aluminium, lead, copper, zinc and nickel.

Additional wap methodology last price methodology 

For further information please contact tradingoperations@lme.com.