Aluminium markets |
Market information |
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Click the name of the exchange or the name of the metal for more information of the exchange/specs/volumes/trading times
LME (London Metal Exchange) |
 The London Metal Exchange (LME) is the world’s premier non-ferrous metals market, with highly liquid contracts. It is an innovative Exchange, whilst maintaining its traditional strengths in a modern business environment. It remains close to its core users by ensuring its contracts continue to meet the high expectations of a demanding industry. As a result, it is highly successful, with a turnover value of some US$2,000 billion per annum. It is a major contributor to the UK’s invisible earnings, responsible for more than £250 million in overseas earnings each year. |
Aluminium LME Ring Trading Times |
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First Session
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1st Ring
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11:55 - 12:00
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2nd Ring (Official)
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12:55 - 13:00
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Kerb Trading*
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13:15 - 15:10
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Second Session
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1st Ring
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15:35 - 15:40
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2nd Ring (Offical)
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16:15 - 16:20
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Kerb Trading*
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16:35 - 17:00
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*Approximate start time for kerb following declaration of the official prices at the end of each metal's morning ring 2 |
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LME Aluminium Contract Specifications |
LME Primary Aluminium Futures & Traded Options
Aluminium is the most heavily produced and consumed non-ferrous metal in the world. Its low density and malleability has been recognised and championed by the industrial world.
Aluminium has many diverse application, ranging form beverage cans to cars. In 2001, world primary refined production alone totalled over 24 million tonnes. The total turnover for LME primary aluminium futures and options in 2001 was over 25 million lots (625 million tonnes).
The underlying assumption of physical delivery is acknowledged as a major factor in the credibility of the official price set on the LME. Consequently trading of LME aluminium has increased steadily since the contract’s introduction in 1987 so that the LME has the most liquid aluminium contracts in the world.
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LME Aluminium Futures Contract Specification
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Contract
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Aluminium of 99.7% purity (minimum)
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Lot size
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25 tonnes (with a tolerance of +/- 2%)
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Form
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1. Ingots
2. T – bars
3. Sows
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Weight
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1. 12 – 26 kg each. Parcels of ingots on warrant shall not exceed 2 tonnes each
2. Shall not exceed 5% more than 750 kg
3. Shall not exceed 5% more than 750 kg
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Delivery dates
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Daily from cash to 3 months (first prompt date two working days from cash). Then every Wednesday from 3 months to 6 months. Then every third Wednesday from 7 months out to 63 months
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Quotation
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US dollars per tonne
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Minimum Price Movement
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50 US cents per tonne
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Clearable currencies
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US dollar; Japanese yen; sterling; euro
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LME Aluminium Options Contract Specification
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Delivery dates
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Monthly from the first month out to 63 months
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Value date
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The third Wednesday of the prompt month
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Exercise date
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The first Wednesday of the prompt month
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Premium quotation
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US dollars per tonne
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*Strike price
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$25 gradations for strikes from US$25 to US$3975
$50 gradations for strikes form US$4000 to US$7950
$100 gradations for all strikes over $US8000
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*Strike price gradations and tick size for premiums available in all clearable currencies |
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LME Traded Average Price Options Specification
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Contract date
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The business day on which the contract is traded
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Contract period
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Calendar months up to 15, 27 or 63 months forward (in line with the underlying futures contracts). The inclusive period between the first business day and the last business day of the traded month.
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Option type
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Calls & puts base don the monthly average settlement price (MASP)
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Currency & strike price
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US dollars :$1 gradations
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Premium tick size
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0.01 USD (one cent)
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Premium payment
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Next business day after contract is traded
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Settlement date
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Settlement is two business days after exercise.
The futures trades settle as per LME rules & regulations.
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The London Metal Exchange Limited
56 Leadenhall Street
London EC3A 2DX
UK
t: +44 (0)20 7264 5555
f: +44 (0)20 7680 0505
e: click here
w: lme.co.uk
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OME (Osaka Mercantile Exchange) |
Osaka Mercantile Exchange was established on October 1,1997, after a merger of Osaka Textile Exchange and The Kobe Rubber Exchange, consolidating management background, financial foundation and human resources of both Exchanges.
When it comes to the foundation of the Exchange, time is slipped for a century to 1893 when Osaka Yarn & Cotton Exchange was established, being followed by the birth of The Kobe Rubber Exchange in 1951.
A long history of the two Exchanges is a proof of its contributions to the industry and reliabilities gained in the market.
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OME Aluminium Contract Specifications |
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Trading Specifications
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Commodity
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Primary aluminium in the forms of ingots, sows and T-bars with the following quality specifications:
| Purity |
More than 99.70% |
| Iron content |
Less than 0.20% |
| Silicon content |
Less than 0.10% |
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Listed Day
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June 28, 2000
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Trading Hours
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Morning Session 9:00 10:00 11:00
Afternoon Session 13:00 14:00 15:00
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Trading Method
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Open outcry floor trading with 6 sessions per day, fixing a single contract price for each contract month in each session
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Contract Unit
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5,000 kg
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Delivery Unit
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25,000 kg with the accepted range of plus or minus 2%
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Price Quotation
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Japanese yen per kg ex. warehouse in Tokyo, Kanagawa, Aichi, Osaka, Hyogo and Fukuoka
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Tick Value
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0.1 yen per kg
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Contract Months
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6 month of January, March, May, July, September and November
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Last Trading Day
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The 4th business day prior to the end of each contract month
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Delivery
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Any positions remaining in the current contract month as of the expiry are to be settled with the delivery of the deliverable aluminium brands on the last day of each contract month
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 The New York Mercantile Exchange, Inc., is the world's largest physical commodity futures exchange and the preeminent trading forum for energy and precious metals.
The Exchange has stood for market integrity and price transparency throughout its 132-year history. Transactions executed on the Exchange avoid the risk of counterparty default because the Exchange clearinghouse acts as the counterparty to every trade. Trading is conducted through two divisions, the NYMEX Division, home to the energy, platinum, and palladium markets; and the COMEX Division, on which all other metals trade.
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COMEX Aluminium Contract Specifications |
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Trading Unit
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44,000 pounds of aluminum.
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Price Quotation
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U.S. cents per pound
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Trading Hours (All times are New York time)
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Open outcry trading is conducted from 7:50 AM until 1:15 PM.
After-hours electronic trading begins at 2:00 PM on Mondays through Fridays and concludes at 7:40 AM the following day, with the exception of Friday's session which concludes at 4:30 PM that same day. On Sundays, the session begins at 7:00 PM and concludes at 7:40 AM the following day.
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Trading Months
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25 consecutive months.
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Minimum Price Fluctuation
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$0.0005 (0.05¢) per pound ($22.00 per contract).
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Maximum Daily Price Fluctuation
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$0.20 (20¢) per pound above or below the previous day's settlement price, unless one of the two closest delivery month's trades at or is offered or bid for two minutes at the limit. In that case, after a 15-minute halt, the market will reopen with the limits expanded by $0.20 (20¢) on either side of the previous limit. This can happen no more than twice in a session for a maximum $0.60 (60¢) limit.
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Last Trading Day
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Trading terminates at the close of business on the third to last business day of the delivery month.
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Delivery
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Exchange-licensed warehouses in Kentucky and Tennessee, with Illinois, Indiana, and Ohio also recognized under the terms of the contract for potential future site locations.
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Exchange of Futures for Physicals (EFP)
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The commercial buyer or seller may exchange a futures position for a physical position or a swaps position of equal quantity. EFPs and EFSs may be used to either initiate or liquidate a futures position.
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Grade and Quality Specifications
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Primary aluminum meeting all the requirements of the P1020A designation or primary aluminum of 99.7% purity with a maximum iron content of 0.20% and a maximum silicon content of 0.10%.
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Shapes
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Low-profile sows weighing 600 to 1,575 pounds or T-bars weighing 600 to 1,735 pounds
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Position Accountability Levels and Limits
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Any one month/all months: 6,000 net futures equivalent, but not to exceed 750 in the spot month.
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Margin Requirements
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Margins are required for open futures positions
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Trading Symbol
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AL
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SHFE (Shanghai Futures Exchange) |
 Shanghai Futures Exchange (SHFE) is organized under relevant rules and regulations. Being a self-regulated legal person, it performs functions that are specified in its charter and sovereign laws and regulations. It is under the direction and regulation of the China Securities Regulatory Commission (CSRC). At present, futures contracts of four products copper are listed for trading, ie, copper, aluminum, natural rubber and fuel oil. SHFE adheres to the guidelines that are generalized as "legislation, supervision, self-regulation and standardization", and holds up to the strategic goal as to “develop into a regulated efficient transparent and product-inclusive futures exchange that focuses on the financial derivative products”. Shanghai Futures Exchange embraces the concept of scientific development.
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SHFE Aluminium Contract Specifications |
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Aluminium Contract Specifications
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Trading Unit
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5 tons /lot
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Quotation Unit
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Yuan (RMB) /ton
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Tick Size
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10 yuan /ton
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Daily Price Limit
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3% above or below the previous day's settlement price
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Caontract Months
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Jan, Feb, Mar, Apr, May, Jun, Jul, Aug, Sep, Oct, Nov, Dec
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Trading Hours
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9.00am - 11.30 am
1.30 - 3.00pm
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Last Trading Day
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15th of the spot month (postponed in case of legal holidays)
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Delivery Period
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16th-20th of the spot month (postponed in case of legal holidays)
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Delivery Grades
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Standard Good: Aluminium Ingot GB/T1196-93
AL99.70, main ingredients >= 99.7%
Substitutions: The LME Registered Brand, P1020A
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Delivery Sites
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SHFE approved warehouse
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Transaction Margin
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5% of the contract value
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Transaction Fee
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Less than 0.2% of the trading value (including risk reserve payment)
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Delivery Location
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Physical Delivery
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Symbol
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Al
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Exchange
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Shanghai Futures Exchange
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TOCOM Aluminium Contract Specifications |
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Trading Specifications
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Contract Specifications
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April 7, 1997
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Standard
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Aluminum of minimum 99.70% purity with maximum permissible iron content 0.20% and silicon content 0.10%
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Contract Unit
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10 tonnes
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Delivery Unit
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50 tonnes
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Trading Method
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Computerized continuous trading
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Price Quotation
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Japanese Yen per kg
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Minimum Price Fluctuation
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JPY 0.1 per kg
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Daily Price Fluctuation Limit
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| Base Price |
Price Limit |
| Less than JPY 150.0 |
JPY 3.0 per kg |
| JPY 150.0 - less than JPY 200.0 |
JPY 4.0 per kg |
| JPY 200.0 - less than JPY 250.0 |
JPY 5.0 per kg |
| JPY 250.0 or more |
JPY 6.0 per kg |
| * |
The Exchange may change the amount of the price limit at its discretion, according to the market situation.
See Margin and Price Limit for the price limits currently imposed. |
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When final contract prices for three or more contract months have reached the price limit in the same direction, the Daily Price Fluctuation Limit for all contract months except the current contract month shall be expanded by 50% from the following business day, and shall remain in effect as long as the final contract prices for three or more months reach the expanded price limit.
In case only two or less contract months reach the expanded price limit, the limit will return to the the ordinary price limit. |
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Customer Position Limit (for each long/short position)
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| 1st contract month in an even month: |
200 contracts |
| 1st contract month in an odd month: |
400 contracts |
| Other contract months: |
1,200 contracts for each month |
| Total: |
5,000 contracts |
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Minimum Initial Trading Margin
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| Base Price |
Margin |
| Less than JPY 150.0 |
JPY 45,000 per contract |
| JPY 150.0 - JPY 200.0 |
JPY 60,000 per contract |
| JPY 200.0 - JPY 250.0 |
JPY 75,000 per contract |
| JPY 250.0 or more |
JPY 90,000 per contract |
| * |
The above margin rates are amounts determined by the Japan Commodity Clearing House Co., Ltd. (JCCH) . |
| * |
See Margin and Price Limit for the current rates. |
| * |
Each broker member determines the amount of initial trading margin applied to its customers no less than it of "Minimum Initial Trading Margin". |
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Trading Hours
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9:00 a.m. to 11:00 a.m. , 12:30 p.m. to 3:30 p.m.
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Contract Months
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All even months within a year
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Last Trading Day
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The third business day prior to the Delivery Day
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Delivery Day
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The last day of each even month except December (the 24th for December). If the day is a holiday or a half-holiday, Delivery Day is advanced.
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Delivery Points
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Specified warehouses
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Delivery
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Physical delivery (not cash settlement)
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