1.1In the middle of the 9th century, Britain was the largest producer of copper and tin in the world. With the passage of time, the industrial demand is increasing, and Britain urgently needs to import a large number of industrial raw materials from foreign mines. Since the beginning of this century, the London Metal Exchange has publicly released its trading price and used it as the benchmark price of world metal trade. 70% of the world's copper production is traded according to the price published by the London Metal Exchange.
2. Office telephone transactions, electronic transactions and on-site transactions are carried out separately, but the time and emphasis are different. The last spot quotation of insider trading in the second quarter will become the official settlement price of LME. This price will be recognized by most relevant markets and is often regarded as the basis of spot pricing.
3. Intra-circle trading and over-the-counter trading are collectively referred to as intra-floor trading. During OTC trading hours, all metals can be traded at the same time, but during OTC trading hours, each metal cannot be traded at the same time and needs to be traded in turn. Each metal has a trading time of 5 minutes, and the next metal will be traded as soon as the time comes.
There is an eight-hour time difference between Beijing time and London local time. In summer, due to the adoption of daylight saving time in Britain, there will be a time difference of 7 hours, so the trading time will be advanced by 1 hour.
5.LME adopts international membership system, and more than 95% of its transactions come from overseas markets. Trading varieties include copper, lead, zinc, aluminum, nickel and aluminum alloys. The trading mode of the exchange is open outcry trading, which is carried out in the "floor", so some people call it "floor trading" LME publishes some official prices every day, which is called the basis of metal spot contract pricing by the industry.