Electronic trading (domestic industry appellation) transactions, exchanges called LME Select, that is, online electronic trading, the official electronic trading platform for the exchange. One or two types of exchange members (brokerage companies) can directly enter the system to conduct transactions for customers. Clients can also buy and sell directly through the brokerage company. The trading time is from 1am to 7pm in London time. The transaction time overlaps with the telephone transaction time and partially overlaps with the on-floor transaction time. At present, the volume of electronic trading is not large, but the transaction price can basically represent the current market price.
Telephone transaction: A telephone transaction is a transaction that a customer passes through a broker and reaches a brokerage firm at any time during the exchange's working day. At the same time transactions between brokerage companies over the telephone are also called telephone transactions. The telephone transaction time is at any time during each working day. The price of the transaction is closely related to the price of the electronic trading and the floor trading.
OTC transactions: LME OTC transactions include electronic transactions and telephone transactions. That is, any transaction other than on-floor trading is called off-exchange trading. In general, over-the-counter trading is the most representative of prices due to the long transaction time.
Floor trading: also known as hand gesture trading, divided into single commodity floor trading - ringtrading, all commodity floor trading (ie comprehensive trading) - kerbtrading. Every day, floor trading is divided into 6 trading sessions (times), three in the morning and three in the afternoon. The trading time of each product is 5 minutes before the first two times in the morning, and the last one is a mixed transaction with a time of 1.25 hours. For example, the nickel morning intraday trading hours are: the first 12:15-12:20, the second 13:00-13:05, 13:20-14:45 for mixed trading (comprehensive transactions), copper, aluminum, lead and zinc Nickel-tin and other commodities are traded on the floor at the same time. The afternoon trading hours are basically the same as in the morning. The first 15:25-15:30 second 16:05-16:10 and 16:15-17:00 are mixed transactions (comprehensive transactions), copper, aluminum, lead and zinc Nickel-tin and other commodities are traded on the floor at the same time.
The price of floor trading is basically representative only during the trading period. Once the trading time has passed, the price should basically refer to the OTC price. In general, after the floor trading, the OTC transaction basically continues the intra-market price, with little change. However, over time, prices may change at any time on or off the floor.
If there are any correlations and interactions between intra-floor prices, comprehensive transaction prices (field-mixed transaction prices), electronic trading prices, telephone transaction prices, and OTC prices, then they are in chronological order. A mutual connection and continuation.
We mainly focus on LME (London Metal Exchange, UK). Their contract is a three month delivery period, which is different from our domestic copper futures. As a result, there is a delivery every day and every day is a different futures contract. Its currency unit mainly uses the US dollar. In terms of indicators, there are LmeS_copper 3, LME copper 03, venue copper 03, and integrated copper 03 for reference.
Note: LME does not implement the ups and downs
Lmes_ copper 3 represents the electronic disk,
Trading hours from 9:00 to 3:00 in the morning.
LME Copper 03 off-site copper, 24-hour trading.
Floor copper 03, floor trading, section trading.
The comprehensive copper 03 is a virtual contract that we have made for everyone. We will integrate the electronic, off-the-counter, and off-site discs so that everyone can see an overall trend.
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