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London Metal Exchange Index (LMEX) futures are designed to provide participants with a simple way of gaining exposure to the LME's six primary non-ferrous metals.

Index weighting

Constituent metal Aluminium  Copper  Lead Nickel Tin  Zinc
Approx no. lots 25 20 5 5 3 8
Tonnage 625 500 125 30 15 200
Weighting % 42.8 31.2 8.2 2.0 1.0 14.8
Constant 0.0026027546182084

Weightings of the six metals are derived from global production volume and trade liquidity averaged over the preceding five-year period.

Index value

The index value is calculated as the sum of the prices for the three qualifying months multiplied by the corresponding weights, multiplied by a constant. The value can be found here.

LMEX futures contract specification

Contract size $10 per index point
Settlement/prompt date Second Wednesday of maturity month, subject to trading regulations
Index point value basis

Is calculated as the sum of the prices for the three qualifying months multiplied by the corresponding weights, multiplied by a constant

Maturity months Monthly for twelve months, unless the contract is made after the last trading time (see settlement basis below) for the calendar month on which the contract is made, in which case, eleven months
Settlement basis  Cash settlement based on the difference between settlement price of the Index on the prompt date and the value of the index in the contract, multiplied by the contract size
Settlement price Based on the Evening Evaluation Closing Prices
Cash settlement  The settlement business day following the prompt date
Quotation  Index points
Minimum price fluctuation (tick size) $0.25; $0.01 for a carry

Law / Regulation
English Law, with regulation by the LME and the Financial Conduct Authority (FCA). This is a summary of the contract specifications. For full contract specification details, please refer to the LME Rulebook which details the complete rules and regulations of LME contracts.

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

In the case of unresolved disputes, arbitration is effected via the LME arbitration procedure, and/or by other body agreed by the parties.