Publication of LME closing, official nickel prices
Fastmarkets is publishing the below statement from the London Metal Exchange in relation to the publication of official and closing prices for nickel.
“LME official prices and closing prices may from time to time be affected by disruption events. Where a disruption event occurs, the LME will continue to publish the values that it determines between 12.30-13.25 London time, referred to as official prices, and from 17:50 London time, referred to as closing prices.
The LME and LME Clear will use these prices to [respectively] settle physically delivery LME contracts and margin all LME contracts, as applicable.
However, market data users are advised that prices affected by a disruption event do not constitute formal official prices and closing prices for the purposes of any over-the-counter (OTC) contracts. Users should have regard to the fallback arrangements in their OTC contracts to determine the impact of this.”
For further clarification, subscribers should contact the LME.