London-metal-exchange meaning

A U.K. commodities exchange that trades futures and options contracts on non-ferrous industrial metals. These are high-grade aluminium alloy, copper grade A, standard lead, primary nickel, tin, and zinc. The LME also trades contracts on silver. An index contract, the LMEX tracks the six primary base metals that are traded. Trading on the LME is a combination of floor trading and trading that is conducted over the phone or by electronic means.
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