Do you want to try an API that can get you LME historical rates in only seconds? You should check out the Metals-API.
What Is the London Metal Exchange (LME)? A commodities exchange that deals in metal futures and options is called the London Metal Exchange (LME). It is the biggest exchange for basic metals, which include aluminum, zinc, lead, copper, and nickel, and offers both options and futures transactions. Additionally, the exchange makes it easier to trade precious commodities like gold and silver.
Although the LME is based in London, England, Hong Kong Exchanges and Clearing has owned it since that year. The prices for base metals that are found on the LME are regarded as the industry norms worldwide.
Understanding the London Metal Exchange (LME)
The trading of metals options and futures contracts is permitted on the LME, one of the major commodities exchanges in the world. On its London Metal Exchange Index (LMEX), an index that tracks the prices of the metals traded on the exchange, it also lists futures contracts.
The size and expiration dates of options and futures contracts on the LME are standardized. The way that expiration dates are set up allows traders to select between daily, weekly, and monthly contracts. In the meantime, contracts are exchanged in units called lots that range in weight from 1 to 65 metric tons. The metal will determine the lot size.
On the LME, market players frequently seek to take on risk or risk-hedging strategies.
Trading Metals on the LME
Metals can be traded through open outcry, the LME Select computerized trading platform, or telephone systems, according to the LME. Commodity exchanges’ makeup is quickly evolving. The trend is shifting away from conventional open outcry trading, in which traders interact face-to-face or in trading pits, and toward electronic trading.
CME Group shut down the NYMEX commodities trading floor in 2016. Even though NYMEX was the last of its sort, the majority of its metals and energy volumes had moved to computers.
The CME terminated a 167-year legacy of face-to-face dealing in favor of electronic trading in a similar move a year prior by closing a commodity trading floor in Chicago.
If you want to try a lme historical rates api we recommend Metals-API.
What Is Metals-API?
The Metals-API may deliver real-time precious metals data through API at a frequency as high as every 60 seconds, with an accuracy of two decimal places.
Providing exchange rates for precious metals, currency conversions, time-series data, volatility statistics, and the lowest and highest prices of any particular day are a few of the features.
How Does It Work?
It is simple to use. Now all you have to do is adhere to the guidelines listed below:
- Create a profile.
- Produce an API Key
- Choose the desired metal and currency.
- Make an API Request, then wait for the system to respond with an API.
Is The Website Secure?
Banks and financial information providers, such as the European Central Bank, are where Metals-API gets its currency data from. Bank-grade 256-bit SSL encryption is used to encrypt your connection to the API.
Also published on Medium.