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Despite the small share of physical copper associated with LME Copper contracts, their prices act as reference prices for physical global copper transactions. [5] This practice started in 1966, when Zambia, Chile, and most Copper-producing countries abandoned fixed price copper contracts, and announced that they would set copper contract prices based the average monthly price of the nearest ...
LME Nickel contracts with delivery dates up to 63 months into the future are available, and prices of those contracts can produce forecasts of the spot price of Nickel at those delivery times. However, LME Nickel price forecasts of spot Nickel prices were found to exhibit biases. [15]
The ILZSG organizes regular intergovernmental meetings on international trade in the two commodities; provides, in a monthly bulletin, a continuous flow of statistical information on supply, demand, stocks, prices, and trade flows, together with forecasts of future developments; carries out studies of the world market situation for lead and zinc; and seeks to resolve any problems identified.
The London Metal Exchange (LME) is a futures and forwards exchange in London, United Kingdom with the world's largest market [1] in standardised forward contracts, futures contracts and options on base metals. The exchange also offers contracts on ferrous metals and precious metals. [2] The company also allows for cash trading.
London Metal Exchange: LME London, United Kingdom Industrial Metals, Plastics (Delisted in 2011) Power Exchange Centra Europe [17] PXE Prague, Czech Republic Power Belarusian Universal Commodity Exchange: BUCE Minsk, Belarus Metals, Agricultural, Timber, Industrial and consumer goods Saint-Petersburg International Mercantile Exchange [18] SPIMEX
The London Metal Exchange is an example of a metals exchange where metal is traded as futures contracts providing pricing for defined purity and contract size. The LME Copper contract for example is for delivery of 25 tonnes of Grade A copper cathode at a specified location and priced in United States dollars. This is used to set the price of ...
The graph depicts how the price of a single forward contract will behave through time in relation to the expected future price. A contract in backwardation will increase in value until it equals the spot price of the underlying at maturity. Note that this graph does not show the forward curve (which plots against maturities on the horizontal).
The contract prices are quoted in US dollars per ton. LME prices have minimum tick sizes of $0.50 per ton (or $12.50 for one contract) for open outcry trading in the LME Ring and electronic trading on LME-select, while minimum tick sizes are reduced for inter-office telephone trading to $0.01 per ton (or $0.50 for one contract).