NASAAC markets
Market information
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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.
NASAAC Ring Trading Times
First Session
1st Ring
11:45 - 11.50
2nd Ring (Official)
12:35 - 12:40
Kerb Trading*
13:15 - 15.10
Second Session
1st Ring
15:10 - 15:15
2nd Ring (Offical)
16:30 - 16:35
Kerb Trading*
16:35 - 16:45
*Approximate start time for kerb following declaration of the official prices at end of each metal's morning ring 2
LME NASAAC Contract Specifications

LME NASAAC Futures & Traded Options
With a modified A380.1 specification, this new aluminium alloy contract, has been developed following intensive discussions with all segments of the North American secondary aluminium industry. It has a specification that reflects the production and consumption of aluminium alloy in the US and is restricted to delivery points within the region.

The use of aluminium alloy, particularly for the production of automotive components including lightweight engine parts, has been steadily growing internationally over recent years. There is every indication that this growth will continue in the foreseeable future. For this reason the LME introduced an aluminium alloy contract in 1992 for futures and traded options. Traded average price options contracts (TAPOs) were added in October 2000. However, the main consumers, auto manufacturers, use different grades of alloy in different regions of the world. While the LME contract was being traded for customers in Europe and the Far East it was evident that it was not gaining acceptance in North America.

Always ready to listen to industry and to amend contract specifications if necessary, the LME entered talks with consumers, secondary smelters, scrap dealers, traders and merchants in the US to develop a special contract to meet their needs. The contract, North American Special Aluminium Alloy (NASAAC) was approved in November 2001 and given a launch date of 4 March 2002 with a first prompt date of 5 June 2002. The first prompt month for traded options and TAPO contracts was set at July 2002.
LME NASAAC Futures Contract Specification
Contract

Aluminium alloy conforming to the 'LME NA380.1' specification (an LME modification of The Aluminium Association Inc. A380.1 specification (1989))
Lot size
20 tonnes (with a tolerance of +/- 2%)
Form
1. Ingots
2. Small sows (four-way entry sows)
3. Large sows (low profile sows)
4. T-bars
Weight
1. 9 – 38 lbs (4 – 17.3 kgs) pieceweight.  500 - 1000kgs (1,100 -2,200lbs) bundleweight
2. 900 – 1,300 lbs (408 – 590 kgs) pieceweight.  
3. 1,100 – 1600 lbs (500 – 726 kgs) pieceweight
4. 900 - 1,600 lbs (408 - 726 kgs) pieceweight
Delivery dates
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 27 months forward.
Quotation
US dollars per tonne
Minimum Price Movement
50 US cents per tonne
Clearable currencies
US dollar; Japanese yen; sterling; euro
LME NASAAC Traded Options Contract Specification
Delivery dates
Monthly from the first month out to 27 months
Value date
The third Wednesday of the prompt month
Exercise date
The first Wednesday of the prompt month
Premium quotation
US dollars per tonne
Strike price

$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
LME NASAAC Traded Average Price Options Contract Specification
Contract date
The business day on which the contract is traded
Contract period
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.
Option type
Calls & puts based on the monthly average settlement price (MASP)
Currency & strike price
US dollars :$1 gradations
Premium tick size
0.01 USD (one cent)
Premium payment
Next business day after contract is traded
Settlement date
Settlement is two business days after exercise.
The futures trades settle as per LME rules & regulations.
LME NA 380.1 Specification
The aluminium alloy delivered under this contract must conform to the ‘LME NA380.1’ specification (an LME modification of The Aluminium Association Inc A380.1 specification (1989)), produced in conformity with the specification below.
Element
Minimum
Maximum
Copper
3.00
3.50
Silicon
8.50
9.50
Magnesium
-
0.10
Zinc
-
0.10
Manganese
-
0.45
Nickel
-
0.50
Tin
-
0.10
Lead
-
0.10
Chrome (chromium)
-
0.10
Titanium
-
0.10
Others - each
-
0.10
Others - total
-
0.50
Sludge = Fe + 2Mn + 3Cr
-
1.80
Contact the LME
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