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Brief introduction of London copper industry
London copper is also called LME copper (LME is short for London Futures Exchange).

The futures trading of copper began at 1877, and there are two kinds of copper traded:

Negative grade copper: Grade A copper

Copper bar: The specification standard is Grade A copper, and the weight is between 1 10- 125 kg.

Among them, the trading of cathode copper is the most active. All delivered copper must have Grade A copper approved by the London Stock Exchange, which conforms to the British BS 6017-1981standard classification specification.

The contract rules for Class A electrolytic copper are as follows:

The contract quantity unit is 25 tons.

Quote USD/ton

The lowest range of price fluctuation is 0.5 USD/ton.

The delivery date is any trading day within three months.

Three to fifteen months is the third Wednesday of every month.

The trading time is 2: 00- 12: 05.

12: 30- 12: 35 (official quotation)

15:30- 15:35

16: 15- 16:20

At present, LME has 14 member companies. Member brokerage companies can be self-employed, or they can be clients in trading agent. Unlike other exchanges, the LME three-month futures contract is a continuous contract, so it is delivered every day. LME has set a lower limit for discounts in spot copper. The spot discount for March copper should not be less than $30. On the contrary, the spot premium can be unlimited. In addition, LME has no price limit.