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London Metal Exchange [LME] – How The World’s Largest Base Metal Marketplace Works

The London Metal Exchange (LME) is the world’s central marketplace for industrial metals trading. In this guide, you’ll learn how the LME operates, what you can trade, and how to get started trading.

What is the London Metal Exchange?

What can you trade on the lme, how to start trading metals, lme trading venues and platforms, how is the lme regulated, history of the london metal exchange, further reading.

The London Metal Exchange (LME) is a futures and options trading exchange that operates the world’s largest marketplace for trading base metals .

The LME transacts about 176 million lots of metals annually, which equates to about $13.5 trillion. Trading on the LME often surpasses global metal production by a factor of 40.

A lot is a unit equal to between one and 65 metric tons depending on the particular metal and contract type.

Base metals play a critical role in many industries including construction, manufacturing, power, and storage. The LME provides a regulated and efficient marketplace for metals producers, consumers, and speculators to transact business.

The LME offers the following products and services related to trading metals.

LME traders can transact business in the following types of derivatives contracts:

• Futures – A futures contract is an obligation to buy or sell a standard quantity of a specified asset (metal) on a particular date at a fixed price agreed upon today.
• Options – An option provides the buyer with the right, but not the obligation, to buy or sell an asset (metal) at a particular price and on a particular future date.
• Traded Average Price Options (TAPOs) – TAPOs depend on the monthly average settlement price (MASP) for the contract month.
• Monthly Average Futures – MAFs are a type of swap that allows traders to hedge against the monthly average price. Traders enter into a fixed price contract and settle against the MASP at the end of the averaging period.
• HKEX London Minis – Cash-settled futures contracts denominated in Chinese renminbi instead of US dollars.
• LMEminis – Futures contracts on smaller-sized copper , aluminum , and zinc lots that are cash-settled.

Metals List

The LME offers customers access to trading and/or clearing four categories of metals .

Many regulated brokers worldwide offer metals trading in various forms, including shares of mining companies, CFDs , bullion, and more.

Traders in can open an account at one of these regulated brokerage firms and begin trading CFDs and other derivatives based on LME products.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74%-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.

The LME uses three venues to conduct trading on its exchange:

The Ring is the open-outcry physical trading floor that plays a key role in price discovery on the LME.

Each metal is traded in a highly liquid five-minute open-outcry trading session.

LME futures contracts trade daily out to three months, weekly out to six months and monthly up to 123 months in the future depending on the metal.

Each LME metal could have as many as 200 tradeable dates. Ring trading enables traders to transact multiple dates more efficiently than electronic trading.

Only an LME Ring member can transact business in the Ring. Ring trading begins at 11:40 and ends at 17:00. Traders should consult the LME website for the specific trading windows for individual metals.

Electronic Trading

The LME operates two electronic trading platforms – LMEselect and LMEbullion.

LMEselect is the electronic trading platform used most by traders.

The platform is specially designed to work with the exchange’s prompt date structure . This structure enables futures participants to actively hedge their risk down to the exact day.

LMEselect offers these features to traders:

• Low latency – The platform integrates with member trading platforms through a FIX API either from member sites or data centers . This enables traders using the platform to react quickly to real-time data.
• Convenient Access – Clients can access the system either through member systems or Independent Software Vendor Platforms (ISVs).
• LMEselect Data – Traders can directly access the electronic order book with LMEselect Data. LMEselect Data also provides traders with tick data, Open High Low Close (OHLC) information, and price and trading reports.

LMEbullion is a real-time auction system . The LME conducts auctions twice a day for palladium and platinum to determine the AM and PM established prices.

LME electronic trading hours are from 01:00 to 19:00 London time.

The LME operates an inter-office telephone market for trading 24 hours a day . The exchange matches, settles, and clears telephone trades the same way it does trades conducted in the Ring or electronically.

The LME is regulated by different entities in the jurisdictions in which it operates:

United Kingdom

The LME is a Recognised Investment Exchange (RIE) and is regulated directly by the Financial Conduct Authority (FCA) . The FCA is a UK financial regulatory body that operates as a non-governmental watchdog group for the financial services industry.

The LME also operates within the regulatory framework of the Financial Services and Markets Act 2000. This Act of the Parliament of the United Kingdom created an agency – Financial Services Authority (FSA) – to regulate investment businesses.

The Act defines the conditions under which the LME operates and requires it, as an RIE, to maintain orderly markets in its contracts.

United States

When the LME conducts business in the United States , it falls under the jurisdiction of the Commodities and Futures Trading Commission (CFTC) and relevant US legislation.

The CFTC mission is to facilitate “open, transparent, competitive, and financially sound markets.” The agency works to limit systemic problems and safeguard market participants, consumers, and the general public from fraud, manipulation, and abusive practices.

The CFTC has broad powers to enforce the laws and regulations that govern commodities trading in the United Staes, including the operations of the LME.

European Union

The Markets in Financial Instruments Directive (MiFID) (*an EU regulation designed to increase transparency across all member nations) and its successors MiFID II and Markets in Financial Instruments Regulation (MiFIR) place certain requirements on trading firms.

These changes went into effect in January 2018. MiFID II made the reporting requirements of derivative contracts more stringent. Commodity contracts are subject to position limits under MiFID II and more onerous reporting requirements.

The LME believes it has instituted the necessary changes to its operations to comply with MiFID II requirements.

Arbitration

LME operates a private dispute resolution system to adjudicate disputes between traders and member firm fairy and economically.

LME arbitration rules require that the parties to a dispute allow a third party to make an independent and binding decision about the outcome.

Although the LME was formally founded in 1877, its origins trace back to the reign of Queen Elizabeth I.

In 1571, traders formed the Royal Exchange in London to trade physical metals for the domestic market . However, as Britain’s international role expanded, the nation soon became a leading exporter of metals.

European merchants began arriving in London to partake in the growing metals trade. By the early 19th century, it had grown so large that the Royal Exchange no longer provided an adequate venue for transacting business.

Individual traders began meeting in local coffee houses and soon created the concept of the Ring . A merchant would draw a circle with sawdust on the floor of a coffee shop and call out “Change.” Traders would then gather around the circle and call out bids and offers. The Ring formed the basis for the open-outcry trading floor on the LME.

The Industrial Revolution in the 19 th century led to profound changes in metals consumption. The United Kingdom, which heretofore had been self-sufficient in copper and tin, now required the importation of large tonnages from abroad. This change caused problems for metals consumers and producers.

Ships carrying metals from Malaya and China often took months to arrive in British ports. Metals buyers had no way of knowing what the prices would be when the shipments finally arrived. Metals sellers feared prices might drop by the time their shipments arrived.

To solve this problem, merchants and buyers began transacting forward contracts to lock in prices for future deliveries.

The expanding trade in metals and forward contracts led to the formal establishment of the London Metals and Mining Company in 1877 . Membership increased rapidly, and soon the exchange moved to a larger facility. Today the LME occupies a modern facility in Finsbury Square in central London.

On December 6, 2012, Hong Kong Exchanges and Clearing (HKEX) purchased LME for £1.4 billion. LME Holdings Limited became a member of the HKEX Group and is the sole shareholder of LME.

Here are some answers to commonly-asked questions about the LME.

What Types of Memberships Does LME Offer?

LME has seven categories of membership within the base metal service and three categories of membership within its LMEprecious service.

Base Metal Membership Categories

LME Base memberships in categories one to four require regulation by the FCA unless they have exclusion under the Financial Service and Markets Act of 2000.

LMEprecious Membership Categories

Individuals wishing to apply for LME membership must complete several steps:

• Submit an application pack
• Gain connectivity to LME Network
• Complete System Testing
• Demonstrate Operational Readiness

The LME Executive Committee must approve all members. Prospective members should consult the LME membership section of the website for forms and more details.

What Are LME Margin Requirements?

LME uses the Standard Portfolio Analysis of Risk ( SPAN ® ) Margin Model to calculate the initial margin required for a position.

SPAN® considers the trader’s entire portfolio to determine how it will respond to changes in factors such as volatility and futures prices. The model simulates potential scenarios to see how the P&L performs under these assumptions.

SPAN ® takes the following four areas into consideration when calculating initial margin for a portfolio:

• Scanning Risk : This is the “worst-case” portfolio loss based on shifts to currencies, volatilities and other important variables.
• Inter-prompt Spread : This model assumes that forward prices move by identical amounts across all prompt dates.
• Inter-Credit Spread : The model reduces the riskiness of a position by applying offsets for positions in related contract that might reduce risk.
• Short Option Minimum Charge : This relates to the costs of closing out deeply out-of-the-money options.

Traders post initial margin based on the riskiness of a position and any possible offsets the model may apply. However, LME Clear must ensure that the exchange employs the necessary procedures to protect market integrity and safeguard market participants from systemic risk .

LME Clear may require additional margin to account for factors such as illiquidity, concentration risk in an asset class or other factors.

Traders can consult the LME website for more details about how LME Clear calculates margin .

What Fees and Charges Apply At the LME?

LME charges several types of fees to traders:

• Transaction Fees – These include trading and clearing fees and vary according to the trading venue, product, contract type, and other factors.
• Subscription and Facilitation Fees – These fees vary by membership category and include application fees for trading and clearing memberships.
• Market Data Fees – These fees vary based on the type of data being purchased, the number of licensed users, and the specific plan for purchasing the data.
• Miscellaneous – Other LME fees include warehousing fees, brand listing fees, and fees for other proprietary services the exchange offers.

What Market Data Does LME Make Available?

LME makes several types of market data and licenses available to market participants:

LME publishes official and closing prices for metals traded on the exchange.

These prices derive directly from trading and are used for futures settlements and margin calculations. The LME Asian reference price provides an early indication of metals prices based on trading in Asian markets.

The following market data may be valuable for traders developing strategies for trading:

What Educational Materials Does LME Offer?

The education section of the LME website is divided into three categories:

Online Resources

In-person training.

LME attends and sponsors many industry conferences and events throughout the year. Traders should consult the calendar on the website for a list of upcoming events and registration information.

LME Online Resources include the following:

• Brochures and Whitepapers – These include guides to the exchange, fact sheets on individual metals, clearing manuals, and research reports.
• Videos – The video library covers a vast array of topics including overviews on futures, warehouses, aluminum premiums, hedging, and more.
• LME Insights – Papers on various market topics.

Courses include live in-person instruction as well as customized training for organizations and companies in the metals community.

Courses take place in major cities across the globe. Traders can find a schedule and course fees, where applicable, on the LME website .

Does LME Have Vendor Partners?

Members and their clients can access the LMEselect platform via one of the approved ISVs with whom the exchange works.

The list of companies that have passed conformance tests for routing through the LME platform can be found on their website.

• Learn more about the world’s largest commodity exchanges including Euronext , the European Energy Exchange (EEX) , the Zhengzhou Commodity Exchange (ZCE) , the Deutsche Borse Group , the Multi (CMX) of India, and the Brasil Bolsa Balcão .
• If you’d like a primer on how to trade commodities in general, please see our introduction to commodity trading .

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Times are changing: a history of the London Metal Exchange

In May, the 142-year-old London Metal Exchange appointed former banker Gay Huey Evans as chair of the board, the first female to hold the prestigious role. But that’s not all that’s changed at this venerable institution. To find out more, we look back at the notable events in its history.

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1571 – The before times

The metals trade in the UK arguably goes back to Roman times, when the empire used the huge supplies of tin and copper from Wales and Cornwall to aid its continued expansion. The London Metal Exchange (LME) itself however, traces its history from 1571, when the Royal Exchange was opened.

The brainchild of wealthy merchant Sir Thomas Gresham, the Royal Exchange was designed as a ‘comely bourse for merchants to assemble upon.’ The building has burnt down twice, once as part of the Great Fire of London in 1666, and again in 1838 when a stove in the nearby coffee shop Lloyds Coffee House overheated. It was redesigned by Sir William Tite, and reopened by Queen Victoria in 1844 and continues to operate in Bank, although it has since undergone a number of changes in purpose and design.

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The Royal Exchange. Credit: Ben Brooksbank, licensed for reuse under Creative Commons

19 th century – the Ring is born

The Exchange quickly became overcrowded and groups split off, gathering in nearby coffee shops to avoid the crush in the main building. Metal merchants chose the Jerusalem Coffee House, off Cornhill, and began meeting there to trade commodities.

It was here that the tradition of the Ring was born. As the LME explains “A merchant with metal to sell would draw a circle in the sawdust on the floor and call out ‘Change’, at which point all those wishing to trade would assemble around the circle and make their bids and offers.”

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This is a tradition that has lasted till today, although the sawdust has been replaced with a circle of red sofas on which traders must sit if they wish to take part in the trade.

1869 – The opening of the Suez Canal and the three month system

In 1869, the Suez Canal was opened up for cargo ships, allowing them to pass through the passage between the Mediterranean and Red seas. This was hugely important for the import and export of a vast number of commodities, including metals. It meant that tin could now be imported from Malaya, modern day Malaysia, to England in just three months. This matched the delivery time of copper from Chile.

The opening of the Canal and the resultant speed with which commodities could be transported led to LME’s system of daily prompt dates that covers the three months going forward. This system remains in place today, and the Suez Canal remains a vital part of the international metals trade with over 34,000t of ores and metals transported through it annually.

1877 – LME was formed

By the second half of the 19th century, the trade of metals futures was burgeoning in London, and had caused traders to move premises several times as they struggled to find enough space. This led to the formation of the London Metals and Mining Company, now known as the LME, which had its first premises above a hat shop in Lombard Court.

The group grew quickly, and by 1882 was forced to move into the purpose-built Exchange in Whittington Avenue where it would remain for nearly a hundred years.

July 1914 – WW1 leads to the LME’s temporary shut down

Since it’s opening, the LME has operated nearly nonstop. It did however shut for one brief period in 1914 following the outbreak of the First World War, as supply shortages of metals hit Europe.

In particular, iron and steel were in high demand from competing groups including the Ministry of Munitions, the Admiralty and others. This led the UK Government to impose controls on prices and distribution of steel throughout the war.

Such constraints did not stop the LME from operating for long however, and it began running again the autumn of 2014.

July 2010 – LME opens its first office outside of London

In 2010, the LME opened its first office outside of London after 133 years of operation. Located in Singapore, this was a significant milestone for the company that reflected the changing nature of metals demand.

“A majority of our members have a presence in Singapore and other locations throughout the region, it’s crucial we are there to support them,” said Liz Milan, then LME managing director Asia at the time.

“We have significant business which is driven through Asia. And there is an opportunity to look at relationships with exchanges in the region, to look at potential new contracts driven by Asia.”

The Ring at the LME. Credit: LME

2014 – Traders fined for standing in the Ring

In a rare act of mass discipline, the LME fined traders from nine of the 11 floors of its operations for standing around the Ring. This included big names such as JPMorgan and Société Générale, which were fined more than £1,000 for the action.

“The LME operates a ring, not a pit. Dealers that stand create an unfair advantage and might obstruct the view of other dealers and LME pricing committee members,” LME spokeswoman Kathy Alyssaid said.

Warnings about standing in the Ring are common, but fines are not and as such this move caused a stir. The LME keeps strict standards of etiquette on the trading floors, enforcing a formal dress code, and outlawing chewing gum, reading newspapers and “slovenly behaviour, overzealous behaviour and drunken behaviour”.

2019 – The LME appoints its first female chair of the board

For the first time in its history, the LME has appointed a female chair of the board. Gay Huey Evans, OBE, has more than 30 years of experience in the financial sector working for a host of bodies including the London Stock Exchange Group and Aviva.

“I am very proud to have been elected Chairman of the London Metal Exchange at such a pivotal time for the Exchange,” Gay said. “As metals play an increasingly important role in society with increased focus on ethical supply chains, the LME’s role and responsibility is vital. I look forward to working closely with the Board, the members and clients of the LME, and Matthew Chamberlain and the Executive team, to build on the rich heritage and hugely successful advances under Sir Brian’s leadership for the past nine years”.

She will take over from Sir Brian Bender in early December, when he formally retires.

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‘Open outcry’ trading to restart at London Metal Exchange

Metals bourse, founded in 1877, reopens in September after member resistance to all-electronic trading

The London Metal Exchange , the last remaining in-person trading floor in Europe, is to reopen on 6 September after its management decided not to permanently close the trading ring, which has been operating since 1877.

The LME’s proposal at the start of 2021 to move to all-electronic trading following the pandemic was opposed by some traders.

The plan would have terminated the “open outcry” trading of the LME, where dealers set daily benchmark prices for industrial metals including copper, aluminium and zinc, by shouting buy and sell orders across the ring in intense five-minute trading sessions during the day.

The LME ring, operated with a strict set of rules , has been trading electronically since March 2020, but managers proposed in January to keep the ring closed even after coronavirus restrictions eased in an effort to modernise.

Some members of the LME, which is owned by the Hong Kong Stock Exchange parent, HKEX, insisted that physical trading through shouting and hand signals was the best way to work out daily metals prices. The changes would have meant a significant change to the world’s oldest metals bourse, which can trace its history back to its founding in a City of London coffee house more than 140 years ago.

In a compromise it has been decided to keep open outcry trading for setting official prices at lunchtime; the trading day’s closing prices will continue to be decided through electronic pathways.

The ring is scheduled to reopen on 6 September, as the LME predicts that its dealers will have been fully vaccinated by that date.

The proposals to end physical trading at the LME had split opinion among members, admitted the LME’s chief executive, Matthew Chamberlain. “The divergent views in response to the discussion paper were particularly apparent between traditional participants and some smaller physical clients on the one hand, and our larger merchant trader and financial participants on the other.”

He added: “However, respondents were constructive in proposing approaches to reconcile these differences, respecting the differing needs of the LME community, and preserving the unique and mutually beneficial blend of physical and financial market liquidity, which makes our market so special.”

The LME introduced several changes in recent years, including a ban in 2019 on daytime drinking among its predominantly male traders, although the participants are still required to follow a strict dress code and a quirky set of rules – including one saying traders can stand up and lunge as they yell orders but must keep one heel on the base of one of the ring’s red leather benches. A breach of trading rules or dress code can lead to a fine.

The LME will remain one of just a handful of in-person trading sites still in existence in the world’s largest financial centres, including at the New York Stock Exchange and Chicago Mercantile Exchange.

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Visit to London Metal Exchange

• Simon Maddocks
• Comments Off on Visit to London Metal Exchange

In 1877 merchants in the City formalised the daily trading of copper, a commodity becoming increasingly used in industry during the period of electrification, by creating the London Metals Exchange.  Traders would gather to buy and sell between each other in a Ring.  This was a continuation of a previous tradition of marking a ring in the sawdust of the coffee house floor.  The buy/sell negotiation would be by ‘open outcry’ meaning that bids and offers could be seen and heard and the deal struck witnessed.  Thus the final figure would be seen as a true price and usable as the reference for other copper transactions done for settlement on that date.

With the introduction of the telegraph (and particularly submarine cables) in the second half of the 19 th century, information regarding shipments from Chile (copper) and Malaya (tin) could be factored into the price negotiation.  As it took three months for metal to arrive in London from these origins the practice of trading on the basis of the cash price or the three-month’s price became the standard.  This continues to this day.  It makes it possible for producers and consumers to fix their forward price in advance, known as hedging, although dates out to 27 months can now be traded.

When they visited the London Metal Exchange on Thursday 12 th October, one hundred and forty years on from 1877, World Traders were fascinated to find that most of the features of the original Exchange remain in place.  The types and volumes of metal traded have increased dramatically and the Ring is now located in a modern building in Finsbury Square.

But the traders still sit in a Ring and trade by open outcry.  While participants are required to remain seated and to wear jackets and ties, in practice the process can hardly be described as genteel.  Each metal ‘contract’ is traded for a period of five minutes.  The strict time limit brings out the competitive spirit as traders become determined to book their order at the most favourable price.  This results in a crescendo of shouting, with pointing and arm-waving.  Arcane hand signals indicate price movements to the assistants behind, many of whom have developed a skill in talking on two telephones at once the better to transfer vital price information to the outside world.

It was agreed that the visit illustrated many of the features that make the City so fascinating.  An historic institution, evolving to meet the demands of constant change, now owned by HKEX Group but retaining vital features while remaining relevant to the needs of current world markets: that the LME remains by far the largest non-ferrous Metal Exchange in the world demonstrates a certain talent for adaptation at least.

The adrenalin rush of the Ring seemed to be carried over to the Jugged Hare where, judging by the noise levels, members continued lively discussions while enjoying hearty fare and a glass of wine.

We are grateful to the LME Chief Executive, Matthew Chamberlain and his team for arranging a most interesting visit and generously laying on drinks and refreshments in the boardroom afterwards.

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Responsible Sourcing Newsletter

Responsible Sourcing Newsletter: April 2024

Read the latest Responsible Sourcing Newsletter in which LBMA Head of Responsible Sourcing Alan Martin discusses LBMA's response to a letter received from a group of Civil Society Organisations (CSOs) that questioned the comprehensiveness of the Responsible Sourcing Programme (RSP) and set out a series of recommendations to improve the global precious metals market.

LBMA Precious Metals Market Report: Q1 2024

Read the latest LBMA Precious Metals Market Report, which covers the period of the first quarter of 2024.

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