Metal futures. The earliest metal futures trading was born in Britain. The London Metal Exchange (LME) was established in 1876, which pioneered the metal futures trading. At that time, the name was London Metal Trading Company, which was mainly engaged in futures trading of copper, copper and tin in Shanghai. 1899, the London metal exchange introduced the practice of trading twice a day in the morning and afternoon to the trading of copper, copper and tin in Shanghai. 1920, lead and Shanghai zinc ZN are also officially listed and traded on the London metal exchange. Before the industrial revolution, Britain was originally an exporter of copper and CU in Shanghai, but the industrial revolution became its turning point. As Shanghai copper and copper materials are imported from abroad as means of production, it is necessary to transfer the risks caused by price fluctuations of Shanghai copper and copper materials through futures trading. London Metal Exchange (LME) has been doing brisk business since its establishment, and LME futures prices are still a barometer of the international nonferrous metal market. At present, the main trading varieties are Shanghai copper CU, tin, lead, Shanghai zinc ZN, Shanghai aluminum AL, nickel and silver. American metal futures appeared later than Britain. /kloc-from the end of 0/9 to the beginning of the 20th century, the American economy turned from agriculture to the establishment of a modern industrial production system, and the types of futures contracts gradually expanded from traditional agricultural products to metals, precious metals, finished products and processed products. The New York Mercantile Exchange (COMEX) was founded in 1933, which was formed by merging leather, raw silk, rubber (futures code RU) and metal. Trading varieties include gold, silver, Shanghai copper and Shanghai aluminum. Among them, the AU gold futures contract launched by 1974 had a great impact on the international futures market in 1970s and 1980s. ? From 1960s to 1970s, many exchanges introduced metal futures. At present, the world metal trading futures are mainly concentrated in London Metal Exchange, the New York Mercantile Exchange and Tokyo Industrial Products Exchange.