October 17 2011 –
The London Metal Exchange (LME) today extends its range of published Official Prices to include forward December prompt dates, which will replace the 15- and 27-month forward prompts.
The LME will publish Official Prices for December prompt dates for copper, aluminium, lead, nickel and zinc out to three years, and aluminium alloy and NASAAC for one year forward. Tin, steel billet, cobalt and molybdenum prompt dates will remain unchanged.
“The switch to the December pricing is a direct response to the needs of the physical industry, where there is a growing tendency for metal to be transacted on a yearly December-to-December basis,” said Peter Childs, Head of Price Discovery at the LME. “This change will make it easier for market participants to match their physical trades with their hedging activity.”
Official Prices for 15 and 27 months forward will continue to be published with the relevant December prompt dates up to and including Friday 20 April 2012.