 The LME is a 24-hour market with trading taking place through an inter-office telephone market and LME Select, an electronic trading platform. The LME is most famous for its open-outcry trading between ring dealing members, which takes place on the market floor.
Each day the LME announces a set of official prices, which are determined from the open-outcry trading. This trading is highly liquid and trade and industry has confidence that they properly reflect the current supply/demand situation.
These prices are used by industry worldwide as the basis for contracts for the movement of physical material throughout the production cycle. Click here to find out more about the price discovery process. | 
