BOLSA DE METALES DE LONDRES (LME) POR SUS SIGLAS EN INGLES :

LONDON METAL EXCHANGE

go back to 1571 with the establishment of the Royal Exchange, London's first stock exchange.

LME. The world's largest exchange for futures contracts and options on base and
other metals. Based in London, the London Metal Exchange was founded in 1877
but became an official trading exchange in 1920. Originally, only copper was traded
on the exchange but soon zinc and lead were added and over the years, precious
metals such as goldwere added as well. The London Metal Exchange
has volumes of up to 93 million lots, totaling about $9.5 trillion dollars annually.
Only about 5% of the trades originate in the UK, while the remaining 95% comes
from locations around the world. There are three ways of trading on the LME:
an open outcry system, an inter-office telephone system, and through an electronic
trading platform called "LME Select."
history
The London Metal Market and Exchange Company was founded in 1877, but the market
traces its origins back to 1571 and the opening of the Royal Exchange, London. Before the
exchange was created, business was conducted by traders in London coffee houses using
a makeshift ring drawn in chalk on the floor.[2]
At first only copper was traded. Lead and zinc were soon added but only gained official
trading status in 1920. The exchange was closed during World War II and did not re-open
until 1954.[3] The range of metals traded was extended to
include aluminium (1978), nickel (1979), tin (1989), aluminium alloy (1992), steel (2008),
and minor metals cobalt and molybdenum (2010). The exchange ceased trading plastics in
2011. The total value of the trade is around $US 11.6 trillion annually.[4]
Many deals are made for commodities to be delivered in three months' time. The custom
stems from the time that copper cargoes originally took in 1877 on their voyage from the
ports of Chile.[2]

Commodities traded
The LME offers futures and options contracts for aluminium, aluminium alloy, NASAAC
(North American Special Aluminium Alloy), cobalt, copper, lead, molybdenum, nickel, steel
billet, tin and zinc.

Facilities
To trade contracts in copper, tin, or any other metal listed on the LME, one has to trade
through an LME member. Purchasers of contracts, which are then left to reach maturity, will
receive a warrant for a specific LME approved warehouse to take delivery of the metal if
required.
The LME issues, each day, detailed figures on how many tons of each metal is in its
warehouses, which helps producers and consumers make correct business decisions.