Nickel markets
Market information
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.
Nickel LME Ring Trading Times
First Session
1st Ring
12:15 – 12:20
2nd Ring (Offical)
13:00 – 13:05
Kerb Trading*
13:15 – 15:10
Second Session
1st Ring
15:45 – 15:50
2nd Ring (Offical)
16:25 – 16:30
Kerb Trading*
16:35 – 16:55
*Approximate start time for kerb following declaration of the official prices at the end of each metal's morning ring 2
LME Nickel Contract Specifications
LME Nickel Futures & Traded Options
As an alloying metal, the uses of nickel are extraordinarily diverse. Its high melting point and resistance to corrosion have provided a wide scope for the metal’s development. Early in the twentieth century, it was discovered that by combining nickel with steel, even in small quantities, the durability of the steel increased significantly with regards to corrosion resistance and strength. This partnership has endured and the steel industry is now the single largest consumer of nickel today.

With the introduction of nickel trading to the LME in 1979, the Exchange’s coverage of all major non-ferrous metals was complete. The LME is acknowledged as the principal pricing mechanism for nickel producers and consumers worldwide and is the only exchange in the world to provide facilities for the industry to hedge sales and purchases.

LME Nickel Futures Contract Specification
Contract
Primary Nickel of 99.80% minimum purity with chemical analysis conforming to the current ASTM specification
Lot size
6 tonnes (with a tolerance of +/- 2%)
Form
1. Full Plate
2. Cut Cathodes
3. Pellets
4. Briquettes
Weight
1. Bundles shall not exceed 1.6 tonnes in weight
2. - 4. Packed in sound steel drums with an even net weight (+/-2% more or less) of minimum 150kgs and maximum 500kgs
Delivery dates
Daily for 3 months forward and then every Wednesday for the next 3 months and the every third Wednesday of the month for the next 21 months out to 27 months forward
Quotation
US dollars per tonne
Minimum Price Movement
US$5 per tonne
Clearable currencies
US dollar: Japanese yen; sterling: euro
LME Nickel 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
*Strike price gradations and tick size for premiums available in all clearable currencies
LME Nickel 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 base don 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.
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


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.

OME Nickel Contract Specifications
Trading Specifications
Commodity
Primary nickel with the quality of minimum 99.80% purity with chemiacal analysis conforming to the specification of American Society For Testing and Meterials (ASTM) of Japanese Industrial Standards (JIS), inthe form of either cathodes or pellets of briquettes. The size of cathodes will be either 100mm x 100mm, 50mm x 50mm, or 25mm x 25mm.
Listed Day
September 2, 2002
Trading Hours
9:10, 10:10, 13:10, 14:10, and 15:10
Trading Method
Open outcry floor trading with 5 sessions per day, fixing a single contract price for each contract month in each session
Contract Unit
1,000 kg
Delivery Unit
1,000 kg
Price Quotation
Japanese yen per kg
Tick Value
Japanese yen per kg
Contract Months

January , March, May, July, September and November
Last Trading Day
6th business day prior to the last business day of the current contract month
Delivery
Delivery is to be conducted by the noon of the last business day of the current contract month with the warehouse certficate issued by a OME designated warehouse. The delivery by the use of the delibery order is accepted where the taker agrees
Contact the OME