In this section

In this section

Tender
Either the delivery of the physical commodity against a futures contract or the competitive process whereby physical traders are invited to bid or offer for a defined supply contract.
Tick
The minimum permitted price fluctuation between one trade and the next on a futures market.
Tom-Next
Within the LME normal two day settlement, a position may nevertheless have a prompt date one day forward.
Traded Option
An option contract based on standardised terms which can be traded to third parties or on an Exchange.
Unallocated
Precious metal held on account which represents a claim on a notional amount of metal.
Value
An LME term referring to a price which is traded in a volume sufficient to satisfy all the current buyers and sellers at that price.
Variation Margin
A request for additional funds (a margin call) to cover any losses on an open position, based on current market values.
Volume
The total weight of a commodity traded in one day, expressed either in tonnes or lots. Also referred to as turnover.
Warrant
The document of title to metal stored in an LME registered warehouse.
Zero Cost
Where the purchase of one option premium strike cancels out the income of a different premium strike so that no premium changes hands.