LME Non-Ferrous MetalContract SpecificationsFutures, TAPOs and Traded Options

Overview 2

LME Aluminium (Primary) 3

LME Aluminium (Alloy) 4

LME Copper 5

LME Lead 6

LME Nickel 7

LME North American Special Aluminium Alloy Contract (NASAAC) 8

LME Tin 9

LME Zinc 10

LME Minor Metals 11

LME Mini 12

LME LMEX 12

Contents

1

The London Metal Exchange (LME) is the world’s premiernon-ferrous metals market, offering trading in futures,options and TAPOs (traded average price option) for pricerisk management. Today, the Exchange has an internationalmembership and more than 95% of its business comes fromoutside the United Kingdom.

The Exchange has three core services which underpin allactivity; price transparency, price risk management (or

hedging) and physical delivery (the LME acts as a market oflast resort). The market itself can be accessed via threedifferent trading platforms, the Ring (open-outcry), LMEselect(electronic trading) and through Inter-office (telephone trading).

As a result of the LME’s history and physical delivery model,the Exchange offers a unique prompt date structure for futurescontracts which meet the requirements of physical industry forprice risk management. A summary of this is shown below.

The LME is member owned and has a well establishedmembership structure comprised of the world's leading banks,trading companies, financial institutions and industrial players.It is a ‘principal-to-principal’ market, therefore a new accountneeds to be opened with an LME member firm to allow marketparticipants to trade and access the LME's deliverymechanism.

Once a member company has been selected and an accountwith that member opened and approved (subject to duediligence, FSA checks and specific trading requirements),trading can begin.

Members are divided into specific categories which afforddifferent privileges (only category 1, 2 and 4 members areallowed to issue LME contracts). It is LME members that buy andsell contracts on behalf of their customers through the Exchange.Many members are able to support clients who are not fluent inEnglish and most have offices in Asia and all around the world.A full list of our members is available on the LME website(www.lme.com/membership).

Further information regarding the Exchange, its contracts,services, educational courses, data and latest news and eventscan be found at www.lme.com.

Overview

Prompt Date/Settlement (delivery) Date Summary for LME Non-Ferrous ContractsAluminium (Primary) and Copper Daily: Cash to 3 Months

Weekly (1): 4 Months to 6 Months

Monthly (2): 7 Months to 123 Months

Lead, Nickel and Zinc Daily: Cash to 3 Months

Weekly (1): 4 Months to 6 Months

Monthly (2): 7 Months to 63 Months

Aluminium (Alloy) and NASAAC Daily: Cash to 3 Months

Weekly (1): 4 Months to 6 Months

Monthly (2): 7 Months to 27 Months

Tin, Molybdenum and Cobalt Daily: Cash to 3 Months

Weekly (1): 4 Months to 6 Months

Monthly (2): 7 Months to 15 Months

LME Mini Monthly (2): Monthly to 12 Months

(1) Weekly contract settlement takes place every Wednesday(2) Monthly contract settlement takes place every third Wednesday

How do I access the market and trade on the LME

Cash

Daily settlement Weekly settlement Monthly settlement to 12, 15, 27, 63 and 123 months

3months

6months

12months

15months

27months

63months

123months

Aluminium(Primary)

Copper

LeadNickel

Zinc

Aluminium(Alloy)

NASAAC

TinMolybdenum

CobaltLME Mini

2

3

LME Aluminium (Primary)

Futures

Contract/qualityP1020A

Lot size (warrant)25 tonnes (with a tolerance of +/- 2%)

Form/shapeIngots, T-bars, Sows

Delivery/settlement dates First prompt date is TOM which is the next business day from today. The Cashprompt date is two business days from today followed by other daily promptsup to three months. TOM, CASH and 3 MONTH prompt rolls on a daily basis.Weekly prompts on every Wednesday of the month from 3 months to 6 months.Monthly prompts on every third Wednesday from 7 months to 123 months.

Quotation US dollars per tonne

Clearable currenciesUS dollar, Japanese yen, sterling, euro

Minimum price movementRing Outright $0.50 Carries $0.01LME Select Outright $0.25 Carries $0.01Inter-office Outright $0.01 Carries $0.01

TAPOs (traded average price option)

Contract monthMonthly out to 63 months

Option typeEuropean Option

Last trading dayBusiness day preceding the Declaration Day of the relevant month before 18:00

Last matching and registration18:15 on the penultimate trading day of the prompt month

Declaration date/timeAutomatic declaration of in-the-money TAPOs at 15.00 on the last businessday of the TAPO month

Premium tick size0.01 USD (one cent)

Minimum strike price movementUSD $1

Exercise of the option LCH.Clearnet auto exercise TAPOs.Exercise will result in two futures contracts, one at the strike price and theother at the Monthly Average Settlement Price (MASP). The effect is togenerate a cash settlement which is settled on the second business day afterthe Declaration Day for the TAPO month

Options contract specification

Contract monthsMonthly out to 63 months

Option typeAmerican style option

Last trading day Tuesday before the First Wednesday by 18:00 of the prompt month

Last matching and registration Tuesday before the First Wednesday by 18:15 of the prompt month

Declaration date/timeFor clearing members, any LME business day from 08:00 up to 11:15 UK timeon the first Wednesday of the prompt month. For clients, any LME businessday from 08:00 up to 11:10 on the first Wednesday of the prompt month11:15 for Clearing members11:10 for Customers on the first Wednesday of the expiring option month

Premium tick size0.01 USD (one cent)

*Minimum strike price movement$25 for strikes from US$25 to US$9,975$50 for strikes from US$10,000 to US$19,950$100 for all strikes over $US20,000

Automatic Exercise of options (for Clearing Members andtheir segregated accounts)LME Clearing Members may declare their options between 7.30am and11.15am on any day until the last declaration day which is the first Wednesdayof the option month. 

To assist clearing members, the LCH Clearing System contains an automaticexercise (auto-exercise) facility. This facility automatically determines whichoptions are to be declared on the basis of the closing values for the thirdWednesday prompt date that existed at the close of business on the daybefore declaration (i.e. normally the closing price on the first Tuesday of theexpiry month).

An Exchange Call Option will be automatically exercised (declared) byLCH.Clearnet if it is in‑the-money with a Strike Price that is two Gradations,or more, below the at-the-money Strike Price. 

An Exchange Put Option will be automatically exercised (declared) byLCH.Clearnet if it is in‑the-money with a Strike Price that is two Gradations,or more, above the at-the-money Strike Price. All other options will be subjectto manual declaration by the taker.

Exercise will result in a third Wednesday Futures contract. Up until 11.15am onthe day of expiry, any auto-exercised options can be changed/undonemanually and the manual exercise of any options unaffected byauto exercise can be completed up until 11.15am.

*Minimum strike price movement and tick size for premiums available in allclearable currencies

4

LME Aluminium (Alloy)

Futures

Contract/qualityAluminium alloy conforming to A380.1, 226 or AD12.1

Lot size (warrant)20 tonnes (with a tolerance of +/- 2%)

Form/shapeIngots, Small Sows, Large Sows, T-bars

Delivery/settlement datesFirst prompt date is TOM which is the next business day from today. The Cashprompt date is two business days from today followed by other daily promptsup to three months. TOM, CASH and 3 MONTH prompt rolls on a daily basis.Weekly prompts on every Wednesday of the month from 3 months to 6 months.Monthly prompts on every third Wednesday from 7 months to 27 months.

QuotationUS dollars per tonne

Clearable currenciesUS dollar, Japanese yen, sterling, euro

Minimum price movementRing Outright $0.50 Carries $0.01LME Select Outright $0.25 Carries $0.01Inter-office Outright $0.01 Carries $0.01

TAPOs (traded average price option)

Contract monthMonthly out to 27 months

Option typeEuropean Option

Last trading dayBusiness day preceding the Declaration Day of the relevant month before 18:00

Last matching and registration18:15 on the penultimate trading day of the prompt month

Declaration date/timeAutomatic declaration of in-the-money TAPOs at 15.00 on the last businessday of the TAPO month

Premium tick size0.01 USD (one cent)

Minimum strike price movementUSD $1

Exercise of the optionLCH.Clearnet auto exercise TAPOs.Exercise will result in two futures contracts, one at the strike price and theother at the Monthly Average Settlement Price (MASP). The effect is togenerate a cash settlement which is settled on the second business day afterthe Declaration Day for the TAPO month

Options contract specification

Contract monthsMonthly out to 27 months

Option typeAmerican style option

Last trading day Tuesday before the First Wednesday by 18:00 of the prompt month

Last matching and registrationTuesday before the First Wednesday by 18:15 of the prompt month

Declaration date/timeFor clearing members, any LME business day from 08:00 up to 11:15 UK timeon the first Wednesday of the prompt month. For clients, any LME businessday from 08:00 up to 11:10 on the first Wednesday of the prompt month11:15 for Clearing members11:10 for Customers on the first Wednesday of the expiring option month

Premium tick size0.01 USD (one cent)

*Minimum strike price movement$25 for strikes from US$25 to US$9,975$50 for strikes from US$10,000 to US$19,950$100 for all strikes over $US20,000

Automatic Exercise of options (for Clearing Members andtheir segregated accounts)LME Clearing Members may declare their options between 7.30am and11.15am on any day until the last declaration day which is the first Wednesdayof the option month. 

To assist clearing members, the LCH Clearing System contains an automaticexercise (auto-exercise) facility. This facility automatically determines whichoptions are to be declared on the basis of the closing values for the thirdWednesday prompt date that existed at the close of business on the daybefore declaration (i.e. normally the closing price on the first Tuesday of theexpiry month).

An Exchange Call Option will be automatically exercised (declared) byLCH.Clearnet if it is in‑the-money with a Strike Price that is two Gradations,

or more, below the at-the-money Strike Price. 

An Exchange Put Option will be automatically exercised (declared) byLCH.Clearnet if it is in‑the-money with a Strike Price that is two Gradations,

or more, above the at-the-money Strike Price. All other options will be subjectto manual declaration by the taker.

Exercise will result in a third Wednesday Futures contract. Up until 11.15am onthe day of expiry, any auto-exercised options can be changed/undonemanually and the manual exercise of any options unaffected by auto exercisecan be completed up until 11.15am.

*Minimum strike price movement and tick size for premiums available in allclearable currencies

5

LME Copper

Futures

Contract/qualityGrade A Copper conforming to BS EN 1978:1998 (Cu-CATH-1)

Lot size (warrant)25 tonnes (with a tolerance of +/- 2%)

Form/shapeCathodes

Delivery/settlement datesFirst prompt date is TOM which is the next business day from today. The Cashprompt date is two business days from today followed by other daily promptsup to three months. TOM, CASH and 3 MONTH prompt rolls on a daily basis.Weekly prompts on every Wednesday of the month from 3 months to 6 months.Monthly prompts on every third Wednesday from 7 months to 123 months.

QuotationUS dollars per tonne

Clearable currenciesUS dollar, Japanese yen, sterling, euro

Minimum price movement Ring Outright $0.50 Carries $0.01LME Select Outright $0.25 Carries $0.01Inter-office Outright $0.01 Carries $0.01

TAPOs (traded average price option)

Contract monthMonthly out to 63 months

Option typeEuropean Option

Last trading dayBusiness day preceding the Declaration Day of the relevant month before 18:00

Last matching and registration18:15 on the penultimate trading day of the prompt month

Declaration date/timeAutomatic declaration of in-the-money TAPOs at 15.00 on the last businessday of the TAPO month

Premium tick size0.01 USD (one cent)

Minimum strike price movementUSD $1

Exercise of the optionLCH.Clearnet auto exercise TAPOs.Exercise will result in two futures contracts, one at the strike price and theother at the Monthly Average Settlement Price (MASP). The effect is togenerate a cash settlement which is settled on the second business day afterthe Declaration Day for the TAPO month

Options contract specification

Contract monthsMonthly out to 63 months

Option typeAmerican style option

Last trading dayTuesday before the First Wednesday by 18:00 of the prompt month

Last matching and registrationTuesday before the First Wednesday by 18:15 of the prompt month

Declaration date/timeFor clearing members, any LME business day from 08:00 up to 11:15 UK timeon the first Wednesday of the prompt month. For clients, any LME businessday from 08:00 up to 11:10 on the first Wednesday of the prompt month11:15 for Clearing members11:10 for Customers on the first Wednesday of the expiring option month

Premium tick size 0.01 USD (one cent)

*Minimum strike price movement$25 for strikes from US$25 to US$9,975$50 for strikes from US$10,000 to US$19,950$100 for all strikes over $US20,000

Automatic Exercise of options (for Clearing Members andtheir segregated accounts)LME Clearing Members may declare their options between 7.30am and11.15am on any day until the last declaration day which is the first Wednesdayof the option month. 

To assist clearing members, the LCH Clearing System contains an automaticexercise (auto-exercise) facility. This facility automatically determines whichoptions are to be declared on the basis of the closing values for the thirdWednesday prompt date that existed at the close of business on the daybefore declaration (i.e. normally the closing price on the first Tuesday of theexpiry month).

An Exchange Call Option will be automatically exercised (declared) byLCH.Clearnet if it is in‑the-money with a Strike Price that is two Gradations,

or more, below the at-the-money Strike Price. 

An Exchange Put Option will be automatically exercised (declared) byLCH.Clearnet if it is in‑the-money with a Strike Price that is two Gradations,

or more, above the at-the-money Strike Price. All other options will be subjectto manual declaration by the taker.

Exercise will result in a third Wednesday Futures contract. Up until 11.15am onthe day of expiry, any auto-exercised options can be changed/undonemanually and the manual exercise of any options unaffected by auto exercisecan be completed up until 11.15am.

*Minimum strike price movement and tick size for premiums available in allclearable currencies

6

LME Lead

Futures

Contract/qualityLead of 99.97% purity (minimum) conforming to BS EN 12659:1999

Lot size (warrant)25 tonnes (with a tolerance of +/- 2%)

Form/shapeIngots

Delivery/settlement datesFirst prompt date is TOM which is the next business day from today. The Cashprompt date is two business days from today followed by other daily promptsup to three months. TOM, CASH and 3 MONTH prompt rolls on a daily basis.Weekly prompts on every Wednesday of the month from 3 months to 6 months.Monthly prompts on every third Wednesday from 7 months to 63 months.

QuotationUS dollars per tonne

Clearable currenciesUS dollar, Japanese yen, sterling, euro

Minimum price movementRing Outright $0.50 Carries $0.01LME Select Outright $0.25 Carries $0.01Inter-office Outright $0.01 Carries $0.01

TAPOs (traded average price option)

Contract monthMonthly out to 15 months

Option typeEuropean Option

Last trading dayBusiness day preceding the Declaration Day of the relevant month before 18:00

Last matching and registration18:15 on the penultimate trading day of the prompt month

Declaration date/timeAutomatic declaration of in-the-money TAPOs at 15.00 on the last businessday of the TAPO month

Premium tick size0.01 USD (one cent)

Minimum strike price movementUSD $1

Exercise of the optionLCH.Clearnet auto exercise TAPOs.Exercise will result in two futures contracts, one at the strike price and theother at the Monthly Average Settlement Price (MASP). The effect is togenerate a cash settlement which is settled on the second business day afterthe Declaration Day for the TAPO month

Options contract specification

Contract monthsMonthly out to 15 months

Option typeAmerican style option

Last trading dayTuesday before the First Wednesday by 18:00 of the prompt month

Last matching and registrationTuesday before the First Wednesday by 18:15 of the prompt month

Declaration date/timeFor clearing members, any LME business day from 08:00 up to 11:15 UK timeon the first Wednesday of the prompt month. For clients, any LME businessday from 08:00 up to 11:10 on the first Wednesday of the prompt month11:15 for Clearing members11:10 for Customers on the first Wednesday of the expiring option month

Premium tick size0.01 USD (one cent)

*Minimum strike price movement$25 for strikes from US$25 to US$9,975$50 for strikes from US$10,000 to US$19,950$100 for all strikes over $US20,000

Automatic Exercise of options (for Clearing Members andtheir segregated accounts)LME Clearing Members may declare their options between 7.30am and11.15am on any day until the last declaration day which is the first Wednesdayof the option month. 

To assist clearing members, the LCH Clearing System contains an automaticexercise (auto-exercise) facility. This facility automatically determines whichoptions are to be declared on the basis of the closing values for the thirdWednesday prompt date that existed at the close of business on the daybefore declaration (i.e. normally the closing price on the first Tuesday of theexpiry month).

An Exchange Call Option will be automatically exercised (declared) byLCH.Clearnet if it is in‑the-money with a Strike Price that is two Gradations,

or more, below the at-the-money Strike Price. 

An Exchange Put Option will be automatically exercised (declared) byLCH.Clearnet if it is in‑the-money with a Strike Price that is two Gradations,

or more, above the at-the-money Strike Price. All other options will be subjectto manual declaration by the taker.

Exercise will result in a third Wednesday Futures contract. Up until 11.15am onthe day of expiry, any auto-exercised options can be changed/undonemanually and the manual exercise of any options unaffected by auto exercisecan be completed up until 11.15am.

*Minimum strike price movement and tick size for premiums available in allclearable currencies

7

LME Nickel

Futures

Contract/qualityNickel of 99.80% purity (minimum) conforming to B39-79 (2004)

Lot size (warrant)6 tonnes (with a tolerance of +/- 2%)

Form/shapeFull Plate Cathode, Cut Cathodes, Pellets, Briquettes

Delivery/settlement datesFirst prompt date is TOM which is the next business day from today. The Cashprompt date is two business days from today followed by other daily promptsup to three months. TOM, CASH and 3 MONTH prompt rolls on a daily basis.Weekly prompts on every Wednesday of the month from 3 months to 6 months.Monthly prompts on every third Wednesday from 7 months to 63 months.

QuotationUS dollars per tonne

Clearable currenciesUS dollar, Japanese yen, sterling, euro

Minimum price movementRing Outright $5.00 Carries $0.01LME Select Outright $1.00 Carries $0.01Inter-office Outright $0.01 Carries $0.01

TAPOs (traded average price option)

Contract monthMonthly out to 27 months

Option typeEuropean Option

Last trading dayBusiness day preceding the Declaration Day of the relevant month before 18:00

Last matching and registration18:15 on the penultimate trading day of the prompt month

Declaration date/timeAutomatic declaration of in-the-money TAPOs at 15.00 on the last businessday of the TAPO month

Premium tick size0.01 USD (one cent)

Minimum strike price movementUSD $1

Exercise of the optionLCH.Clearnet auto exercise TAPOs.Exercise will result in two futures contracts, one at the strike price and theother at the Monthly Average Settlement Price (MASP). The effect is togenerate a cash settlement which is settled on the second business day afterthe Declaration Day for the TAPO month

Options contract specification

Contract monthsMonthly out to 27 months

Option typeAmerican style option

Last trading dayTuesday before the First Wednesday by 18:00 of the prompt month

Last matching and registrationTuesday before the First Wednesday by 18:15 of the prompt month

Declaration date/timeFor clearing members, any LME business day from 08:00 up to 11:15 UK timeon the first Wednesday of the prompt month. For clients, any LME businessday from 08:00 up to 11:10 on the first Wednesday of the prompt month11:15 for Clearing members11:10 for Customers on the first Wednesday of the expiring option month

Premium tick size0.01 USD (one cent)

*Minimum strike price movement$25 for strikes from US$25 to US$9,975$50 for strikes from US$10,000 to US$19,950$100 for all strikes over $US20,000

Automatic Exercise of options (for Clearing Members andtheir segregated accounts)LME Clearing Members may declare their options between 7.30am and11.15am on any day until the last declaration day which is the first Wednesdayof the option month. 

To assist clearing members, the LCH Clearing System contains an automaticexercise (auto-exercise) facility. This facility automatically determines whichoptions are to be declared on the basis of the closing values for the thirdWednesday prompt date that existed at the close of business on the daybefore declaration (i.e. normally the closing price on the first Tuesday of theexpiry month).

An Exchange Call Option will be automatically exercised (declared) byLCH.Clearnet if it is in‑the-money with a Strike Price that is two Gradations,

or more, below the at-the-money Strike Price. 

An Exchange Put Option will be automatically exercised (declared) byLCH.Clearnet if it is in‑the-money with a Strike Price that is two Gradations,

or more, above the at-the-money Strike Price. All other options will be subjectto manual declaration by the taker.

Exercise will result in a third Wednesday Futures contract. Up until 11.15am onthe day of expiry, any auto-exercised options can be changed/undonemanually and the manual exercise of any options unaffected by auto exercisecan be completed up until 11.15am.

*Minimum strike price movement and tick size for premiums available in allclearable currencies

8

LME North American SpecialAluminium Alloy Contract (NASAAC)

Futures

Contract/qualityAluminium alloy conforming to the “LME NA380.1” specification (an LMEmodification of The Aluminium Association Inc. A380.1 specification (1989))

Lot size (warrant)20 tonnes (with a tolerance of +/- 2%)

Form/shapeIngots, Small Sows, Large Sows, T-bars

Delivery/settlement datesFirst prompt date is TOM which is the next business day from today. The Cashprompt date is two business days from today followed by other daily promptsup to three months. TOM, CASH and 3 MONTH prompt rolls on a daily basis.Weekly prompts on every Wednesday of the month from 3 months to 6 months.Monthly prompts on every third Wednesday from 7 months to 27 months.

QuotationUS dollars per tonne

Clearable currenciesUS dollar, Japanese yen, sterling, euro

Minimum price movementRing Outright $0.50 Carries $0.01LME Select Outright $0.25 Carries $0.01Inter-office Outright $0.01 Carries $0.01

TAPOs (traded average price option)

Contract monthMonthly out to 27 months

Option typeEuropean Option

Last trading dayBusiness day preceding the Declaration Day of the relevant month before 18:00

Last matching and registration18:15 on the penultimate trading day of the prompt month

Declaration date/timeAutomatic declaration of in-the-money TAPOs at 15.00 on the last businessday of the TAPO month

Premium tick size0.01 USD (one cent)

Minimum strike price movementUSD $1

Exercise of the optionLCH.Clearnet auto exercise TAPOs.Exercise will result in two futures contracts, one at the strike price and theother at the Monthly Average Settlement Price (MASP). The effect is togenerate a cash settlement which is settled on the second business day afterthe Declaration Day for the TAPO month

Options contract specification

Contract monthsMonthly out to 27 months

Option typeAmerican style option

Last trading dayTuesday before the First Wednesday by 18:00 of the prompt month

Last matching and registrationTuesday before the First Wednesday by 18:15 of the prompt month

Declaration date/timeFor clearing members, any LME business day from 08:00 up to 11:15 UK timeon the first Wednesday of the prompt month. For clients, any LME businessday from 08:00 up to 11:10 on the first Wednesday of the prompt month11:15 for Clearing members11:10 for Customers on the first Wednesday of the expiring option month

Premium tick size0.01 USD (one cent)

*Minimum strike price movement$25 for strikes from US$25 to US$9,975$50 for strikes from US$10,000 to US$19,950$100 for all strikes over $US20,000

Automatic Exercise of options (for Clearing Members andtheir segregated accounts)LME Clearing Members may declare their options between 7.30am and11.15am on any day until the last declaration day which is the first Wednesdayof the option month. 

To assist clearing members, the LCH Clearing System contains an automaticexercise (auto-exercise) facility. This facility automatically determines whichoptions are to be declared on the basis of the closing values for the thirdWednesday prompt date that existed at the close of business on the daybefore declaration (i.e. normally the closing price on the first Tuesday of theexpiry month).

An Exchange Call Option will be automatically exercised (declared) byLCH.Clearnet if it is in‑the-money with a Strike Price that is two Gradations,

or more, below the at-the-money Strike Price. 

An Exchange Put Option will be automatically exercised (declared) byLCH.Clearnet if it is in‑the-money with a Strike Price that is two Gradations,

or more, above the at-the-money Strike Price. All other options will be subjectto manual declaration by the taker.

Exercise will result in a third Wednesday Futures contract. Up until 11.15am onthe day of expiry, any auto-exercised options can be changed/undonemanually and the manual exercise of any options unaffected by auto exercisecan be completed up until 11.15am.

*Minimum strike price movement and tick size for premiums available in allclearable currencies

9

LME Tin

Futures

Contract/qualityTin of 99.85% purity (minimum) conforming to BS EN 610:1996

Lot size (warrant)5 tonnes (with a tolerance of +/-2%)

Form/shapeIngots

Delivery/settlement datesFirst prompt date is TOM which is the next business day from today. The Cashprompt date is two business days from today followed by other daily promptsup to three months. TOM, CASH and 3 MONTH prompt rolls on a daily basis.Weekly prompts on every Wednesday of the month from 3 months to 6 months.Monthly prompts on every third Wednesday from 7 months to 15 months.

QuotationUS dollars per tonne

Clearable currenciesUS dollar, Japanese yen, sterling, euro

Minimum price movementRing Outright $5.00 Carries $0.01LME Select Outright $1.00 Carries $0.01Inter-office Outright $0.01 Carries $0.01

TAPOs (traded average price option)

Contract monthMonthly out to 15 months

Option typeEuropean Option

Last trading dayBusiness day preceding the Declaration Day of the relevant month before 18:00

Last matching and registration18:15 on the penultimate trading day of the prompt month

Declaration date/timeAutomatic declaration of in-the-money TAPOs at 15.00 on the last businessday of the TAPO month

Premium tick size0.01 USD (one cent)

Minimum strike price movementUSD $1

Exercise of the optionLCH.Clearnet auto exercise TAPOs.Exercise will result in two futures contracts, one at the strike price and theother at the Monthly Average Settlement Price (MASP). The effect is togenerate a cash settlement which is settled on the second business day afterthe Declaration Day for the TAPO month

Options contract specification

Contract monthsMonthly out to 15 months

Option typeAmerican style option

Last trading dayTuesday before the First Wednesday by 18:00 of the prompt month

Last matching and registrationTuesday before the First Wednesday by 18:15 of the prompt month

Declaration date/timeFor clearing members, any LME business day from 08:00 up to 11:15 UK timeon the first Wednesday of the prompt month. For clients, any LME businessday from 08:00 up to 11:10 on the first Wednesday of the prompt month11:15 for Clearing members11:10 for Customers on the first Wednesday of the expiring option month

Premium tick size0.01 USD (one cent)

*Minimum strike price movement$25 for strikes from US$25 to US$9,975$50 for strikes from US$10,000 to US$19,950$100 for all strikes over $US20,000

Automatic Exercise of options (for Clearing Members andtheir segregated accounts)LME Clearing Members may declare their options between 7.30am and11.15am on any day until the last declaration day which is the first Wednesdayof the option month. 

To assist clearing members, the LCH Clearing System contains an automaticexercise (auto-exercise) facility. This facility automatically determines whichoptions are to be declared on the basis of the closing values for the thirdWednesday prompt date that existed at the close of business on the daybefore declaration (i.e. normally the closing price on the first Tuesday of theexpiry month).

An Exchange Call Option will be automatically exercised (declared) byLCH.Clearnet if it is in‑the-money with a Strike Price that is two Gradations,

or more, below the at-the-money Strike Price. 

An Exchange Put Option will be automatically exercised (declared) byLCH.Clearnet if it is in‑the-money with a Strike Price that is two Gradations,

or more, above the at-the-money Strike Price. All other options will be subjectto manual declaration by the taker.

Exercise will result in a third Wednesday Futures contract. Up until 11.15am onthe day of expiry, any auto-exercised options can be changed/undonemanually and the manual exercise of any options unaffected by auto exercisecan be completed up until 11.15am.

*Minimum strike price movement and tick size for premiums available in allclearable currencies

10

LME Zinc

Futures

Contract/qualityZinc of 99.995% purity (minimum) conforming to BS EN 1179:2003

Lot size (warrant)25 tonnes (with a tolerance of +/- 2%)

Form/shapeIngots

Delivery/settlement datesFirst prompt date is TOM which is the next business day from today. The Cashprompt date is two business days from today followed by other daily promptsup to three months. TOM, CASH and 3 MONTH prompt rolls on a daily basis.Weekly prompts on every Wednesday of the month from 3 months to 6 months.Monthly prompts on every third Wednesday from 7 months to 63 months.

QuotationUS dollars per tonne

Clearable currenciesUS dollar, Japanese yen, sterling, euro

Minimum price movement Ring Outright $0.50 Carries $0.01LME Select Outright $0.25 Carries $0.01Inter-office Outright $0.01 Carries $0.01

TAPOs (traded average price option)

Contract monthMonthly out to 27 months

Option typeEuropean Option

Last trading dayBusiness day preceding the Declaration Day of the relevant month before 18:00

Last matching and registration18:15 on the penultimate trading day of the prompt month

Declaration date/timeAutomatic declaration of in-the-money TAPOs at 15.00 on the last businessday of the TAPO month

Premium tick size0.01 USD (one cent)

Minimum strike price movementUSD $1

Exercise of the optionLCH.Clearnet auto exercise TAPOs.Exercise will result in two futures contracts, one at the strike price and theother at the Monthly Average Settlement Price (MASP). The effect is togenerate a cash settlement which is settled on the second business day afterthe Declaration Day for the TAPO month

Options contract specification

Contract monthsMonthly out to 27 months

Option typeAmerican style option

Last trading dayTuesday before the First Wednesday by 18:00 of the prompt month

Last matching and registrationTuesday before the First Wednesday by 18:15 of the prompt month

Declaration date/timeFor clearing members, any LME business day from 08:00 up to 11:15 UK timeon the first Wednesday of the prompt month. For clients, any LME businessday from 08:00 up to 11:10 on the first Wednesday of the prompt month11:15 for Clearing members11:10 for Customers on the first Wednesday of the expiring option month

Premium tick size0.01 USD (one cent)

*Minimum strike price movement$25 for strikes from US$25 to US$9,975$50 for strikes from US$10,000 to US$19,950$100 for all strikes over $US20,000

Automatic Exercise of options (for Clearing Members andtheir segregated accounts)LME Clearing Members may declare their options between 7.30am and11.15am on any day until the last declaration day which is the first Wednesdayof the option month. 

To assist clearing members, the LCH Clearing System contains an automaticexercise (auto-exercise) facility. This facility automatically determines whichoptions are to be declared on the basis of the closing values for the thirdWednesday prompt date that existed at the close of business on the daybefore declaration (i.e. normally the closing price on the first Tuesday of theexpiry month).

An Exchange Call Option will be automatically exercised (declared) byLCH.Clearnet if it is in‑the-money with a Strike Price that is two Gradations,

or more, below the at-the-money Strike Price. 

An Exchange Put Option will be automatically exercised (declared) byLCH.Clearnet if it is in‑the-money with a Strike Price that is two Gradations,

or more, above the at-the-money Strike Price. All other options will be subjectto manual declaration by the taker.

Exercise will result in a third Wednesday Futures contract. Up until 11.15am onthe day of expiry, any auto-exercised options can be changed/undonemanually and the manual exercise of any options unaffected by auto exercisecan be completed up until 11.15am.

*Minimum strike price movement and tick size for premiums available in allclearable currencies

11

LME Minor Metals

LME Molybdenum Futures

Contract/qualityBetween 57 and 63% molybdenum contained in roasted molybdenumconcentrate (RMC) with maximum permissible impurities of Cu 0.50%;P 0.05%; Pb 0.05%; S 0.10%; C 0.10%; H2O 0.1%

Lot size (warrant)6 tonnes molybdenum (+/-5%) contained in 10 tonnes of RMC

Form/shapePowder packed in drums

Delivery/settlement datesFirst prompt date is TOM which is the next business day from today. The Cashprompt date is two business days from today followed by other daily promptsup to three months. TOM, CASH and 3 MONTH prompt rolls on a daily basis.Weekly prompts on every Wednesday of the month from 3 months to 6 months.Monthly prompts on every third Wednesday from 7 months to 15 months.

QuotationUS dollars per tonne

Clearable currenciesUS dollar, Japanese yen, sterling, euro

Minimum price movement Ring Outright $0.50 Carries $0.01LMEselect Outright $0.25 Carries $0.01Inter-office Outright $0.01 Carries $0.01

LME Cobalt Futures

Contract/qualityA minimum of 99.30% purity. Other elements are as specified by producers ofeach brand in the LME approved list

Lot size (warrant)1 tonne (+/-2%)

Form/shapeCathodes (broken or cut), Granules, Rounds, Briquettes, Ingots

Delivery/settlement datesFirst prompt date is TOM which is the next business day from today. The Cashprompt date is two business days from today followed by other daily promptsup to three months. TOM, CASH and 3 MONTH prompt rolls on a daily basis.Weekly prompts on every Wednesday of the month from 3 months to 6 months.Monthly prompts on every third Wednesday from 7 months to 15 months.

QuotationUS dollars per tonne

Clearable currenciesUS dollar, Japanese yen, sterling, euro

Minimum price movement Ring Outright $0.50 Carries $0.01LMEselect Outright $0.25 Carries $0.01Inter-office Outright $0.01 Carries $0.01

12

Futures

Contract/qualitya) Aluminium of 99.7% purity (minimum) – P1020A, b) Grade A Copper –BS EN 1978:1998 (Cu-CATH-1) or c) Zinc of 99.995% purity (minimum) –BS EN 1179:2003.

Lot size5 tonnes

Prompt dateThird Wednesday of each maturity month, subject to trading regulations

Maturity monthsMonthly for twelve months, unless the contract is made after the Last TradingTime (see settlement basis below) for the calendar month on which thecontract is made, in which case, eleven months

Trading platformLMEmini contracts may not be traded in the ring. They can only be traded onLME Select and on the interoffice (telephone) market

CurrencyUS dollars

Settlement basisCash settlement by reference to the settlement price determined for theprompt date for the relevant underlying metal

Cash settlementOn the prompt date

Minimum price movement$0.25; $0.01 for a carry

LME Mini*

Futures

The Index is an Index on the six designated LME primary metals contractsdenominated in US dollars

Index weightingWeightings of the six metals are derived from global production volume andtrade liquidity averaged over the preceding five-year period

Constituent metal PrimaryCopper Lead Nickel Tin ZincAluminium

Approx no of lots 25 20 5 5 3 8

Tonnage 625 500 125 30 15 200

Volume weighting 41.8 33.4 8.4 2.0 1.0 13.4

Index valueThe index value is calculated as the sum of the prices for the three qualifyingmonths multiplies by the corresponding weights, multiplied by a constant

Contract size$10 per Index point

Settlement/prompt dateSecond Wednesday of maturity month, subject to trading regulations

Index point value basisAverage of the third Wednesday priced for the first three qualifying tradingmonths of the constituent metals

Maturity monthsMonthly for twelve months, unless the contract is made after the Last TradingTime (see settlement basis below) for the calendar month on which thecontract is made, in which case, eleven months

Last trading day16:35 hours on the prompt date

Settlement basisCash settlement based on the difference between settlement price of the Indexon the prompt date and the value of the Index in the contract, multiplied by thecontract size

Cash settlementThe settlement business day following the prompt date

QuotationIndex points

Minimum price movement$0.25; $0.01 for a carry

Options contract specification

Contract size$10 per Index point

Prompt date/timeAutomatic exercise for in-the-money index options as at 19.15 hours on thesecond Wednesday of relevant maturity month, subject to the tradingregulations

Last trading dayThe Last Declaration Day for that Index Option

Last declaration dayFor a particular Option month, up to 16:35 hours on the second Wednesday inthat month or, if that is not a business day, the next day which is a business day

Settlement basisCash settlement based on the difference between settlement price of the Indexand the strike price, multiplied by the contract size

Cash settlementThe settlement business day following the prompt date

Maturity monthMonthly for the front three months

Option premium datePaid on the first business day following trade

Minimum price movement0.01 Index points*Minimum strike price movement 10 Index points*Minimum strike price movement and tick size for premiums available in allclearable currencies

LME LMEX (Index)

*Currently only available for Aluminium (Primary), Copper and Zinc

The London Metal Exchange Limited56 Leadenhall Street, London, EC3A 2DX

Tel. +44 (0)20 7264 5555 Fax. +44 (0)20 7680 0505Email: info@lme.com

www.lme.com

© The London Metal Exchange Limited 2010

V4.0/0310e

LME contracts may only be offered or sold to United States foreign futures and options customers by firmsregistered with the Commodity Futures Trading Commission (CFTC), or firms who are permitted to solicit andaccept money from US futures an options customers for trading on the LME pursuant to CFTC rule 30.10.

Market Data and Prices from the London Metal Exchange

The LME publishes daily prices and reports for all non-ferrous futures and options contracts.The range of data includes: Daily Official and Settlement Prices; Evening Evaluations (Closing Prices);Exchange and Market Open Interest and Daily Warehouse Stocks. Next Day Delayed Data is available

free of charge from www.lme.com. Real time and delayed metals data is also availablefrom licensed LME Market Data Vendors listed on the LME website.

The Exchange’s own real time price and data application is availablefor a 4 week free trial at www.lmelive.com

LME Education

The LME Education Team has enhanced the variety, depth and frequency of its world renowned training courses.A special focus has been put on increasing the number of locations for the delivery of courses

in order to make them more accessible worldwide.

LME Education will be offering courses across Europe, North and South America, Asia, Africa and Australia.

For more details, please visit www.lme.com,email: lme.education@lme.com, or telephone: +44 (0)20 7264 5555.