Notional Average Price (NAP)
This is the closing price for forward Monthly Average Future months published at the end of each day. The NAP is made up of known LME Official Cash Settlement prices and LME Closing Prices taken from each of the prompt dates for the pricing period. These prices are totalled and averaged over the number of business days in the calendar month. Where there are no LME Closing Prices for a date as when there are only weekly and monthly LME prices available, linear interpolation is used to derive a daily price for averaging. NAP is used by LME Clear in the margin calculations for and will be used for margining Monthly Average Futures.
Monthly Moving Average Price (MMAP)
This is the moving average price for the current Monthly Average Future month. The MMAP is made up of known LME Official Cash Settlement Prices from the current month. These prices are totalled and averaged over the number of business days to date in the current month. On the last business day of the current calendar month after the Official Cash Settlement Price is known and included in the averaging calculation, the MMAP becomes the “Monthly Average Settlement Price” (MASP).