The London Metal Exchange (LME) stated that it will introduce an improved closing price methodology for contracts with higher trading volumes in stages starting from January 2024. In terms of the new methodology, the closing price will be weighted based on trading volume. LME indicates that the new methodology aims to bring greater determinism, transparency, and standardization to the Closing Price discovery process.

Based on market feedback, it will be implemented in stages starting from January 2024 to ensure that market participants have sufficient time to prepare for changes.