LME Aluminium Premiums. Hedge your regional premium, using global liquidity
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1 Premiums Hedge your regional premium, using global liquidity
2 Premiums Premiums are a new suite of regional s designed to help the global aluminium community: hedge their regional premium exposure discover transparent on-exchange premium prices take delivery of readily available metal. The new s sit alongside, the world s leading aluminium and reference price. By trading both the existing and Premium s, market participants continue to enjoy access to the LME s liquid global market and reference prices, while also fully risk-managing their exposure to regional market dynamics. The new s cover the four key regions of aluminium demand: US Midwest, West Europe, East Asia and South East Asia. Regions covered by premium s LME s new aluminium suite Premium s US Premium West-Europe Premium East-Asia Premium South-East Asia Premium Four regional s covering the key centres of aluminium demand Hedging of regional all-in price of aluminium Global 3. Physical delivery of readily available metal in premium warehouses Comprehensive warehouse reforms 4. Monthly to concentrate liquidity Premiums 1
3 Why Premiums? How do Premiums work? The LME is committed to continuing to provide the aluminium community with a liquid and unfragmented market as well as a global reference price. Regional premiums the additional price a buyer pays to secure metal in a specific location are a natural by-product of a global, driven by supply and demand. In recent times, queues in LME-licensed warehouses have also contributed to premiums. Our warehouse reforms are designed to tackle queues. Premium s help the market hedge their premium price risk, whether those premiums are a product of natural supply and demand, queues, or both. The new s are designed to work alongside the existing global to allow market participants to hedge the all-in price and physically deliver or receive premium aluminium s in non-queued LME premium warehouses. The premiums are monthly s going out to 15 months and settling on the third Wednesday of each month. The is also settled net of the Free on Truck (FoT) fee charged by warehouses to load metal on to trucks. Premiums, in addition to our established, are designed to provide the aluminium community with the tools to hedge both their global LME price and regional premium exposures. Premium trading without diluting liquidity from the regular LME market Premiums Current LME Aluminium With LME premium Queue related Non-queue related Buyer LME standard $1,551 LME standard LME premium $1,551 $174 $1,725 Warehouse reforms Queues will fall over time Queue-based premiums will fall accordingly Driven by market supply / demand factors e.g. Location Shape, brand, quality FoT charge LME LME regional premium Premium s Enabling price risk management for queue-related premiums (whilst they exist) and non-queue based premiums Seller May be queued (e.g. Detroit / Vlissingen) Not in queue In relevant region (e.g. Baltimore for North America) Premiums are comprised of a number of factors. Premiums allow participants to hedge those premiums LME premium indicatively assumed to trade at current surveyed US Midwest Premium level. Data as of 14 August 2015 Premiums 2
4 90% of the world s aluminium futures business is conducted on the LME The buyer provides an LME aluminium and the premium cash as agreed at formation, less the premium aluminium FoT charge. The seller provides an LME aluminium premium in the designated region. The buyer receives a premium and the seller receives the agreed premium and a standard. If either party of the premium settlement transaction does not wish to provide or receive a standard, this can be achieved through a parallel trade in the global as described in the following example: An example Member A owns a premium he wants to sell to obtain the full cash value of the Trades two parallel s with the same settlement date Short LME premium Short regular LME Settles in the following way Delivers the premium and receives a standard plus cash representing the agreed premium Member A then delivers the standard received and receives cash representing the agreed LME price Regular LME trade Premium trade A. Member with short position Provide standard Receive cash (LME price) Provide premium Receive standard Receive cash (premium) LME Collect Deliver Collect s Deliver s B. Member with long position Provide cash (LME price) Receive standard Provide standard Provide cash (premium) Receive premium Premiums 3
5 Contract specifications Contract specification Description Contract names US Premium West-Europe Premium East-Asia Premium South-East Asia Premium Contract codes AN AW AE AS Regions Midwest and South US regions (as per US Census Bureau) Western Europe (as per UN Geoscheme M49 classification) Eastern Asia (as per UN Geoscheme M49 classification) South-Eastern Asia (as per UN Geoscheme M49 classification) Underlying metal Lot size Prompt dates Maturity months Price quotation Clearable currencies Position limits Minimum price fluctuation (tick size) per tonne Last trading day and time Settlement type Tick sizes to follow the main : Outrights Ring: $0.50 LMEselect: $0.50 Inter-office: $0.01 Carries Ring: $0.01 LMEselect: $0.01 Inter-office: $0.01 Trading venues Trading hours Margining Contact Please us at premiums@lme.com for more information. Premiums 4
LME Aluminium Premiums
s Hedge your regional premium using global liquidity SETTING THE GLOBAL STANDARD s s are a suite of regional contracts designed to help the global aluminium community: hedge their regional premium exposure
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