Metals Markers

Metals markers provide informational reference points that participants can use to calculate internal valuations of corresponding futures positions throughout the trading day, leading up to daily settlement time.

Note: The time periods for which the marker prices described below are in the local time of the marker and adjusted for U.S. daylight savings time.

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Calculation Details

Gold futures Asia marker price calculation

Marker price is calculated from the volume-weighted average of trades in the nearby active contract month of the Gold futures contract from CME Globex for a five-minute time span from 3:25 p.m. to 3:30 p.m. China time (GMT + 8). The marker will be for the first active contract month. Should no trades occur during this period, the Marker price shall be calculated based on bids and offers quoted during that five-minute period.

Gold futures London marker price calculations

Marker prices are calculated from the volume-weighted average of trades in the front cycle month of the Gold futures (GC) contract from CME Globex for a two-minute time span. Gold futures AM markers are calculated from trade data from 10:30 a.m. – 10:32 a.m. prevailing London time. Gold futures PM markers are calculated from trade data from 3:00 p.m. – 3:02 p.m. prevailing London time. Should no trades occur during this period, the marker price shall be calculated based on bids and offers quoted during that two-minute period.

Silver futures London marker price calculation

Marker price is calculated from the volume-weighted average of trades in the front cycle month of the Silver futures (SI) contract from CME Globex for a two-minute time span from 12:00 p.m. – 12:02 p.m. prevailing London time. Should no trades occur during this period, the marker price shall be calculated based on bids and offers quoted during that two-minute period.

Copper London marker price calculation

Marker price is calculated from the volume weighted average of trades in the active month of the contract from CME Globex for a one-minute time span. Trade data from 12:34 p.m. – 12:35 p.m. London Time (7:34 a.m. – 7:35 a.m. New York time; 6:34 a.m. – 6:35 a.m. Chicago time – except during those times in the year during which New York is in Daylight Saving Time, and London is in Greenwich Mean Time; in these periods, the required timing equates to 8:34 a.m. – 8:35 a.m. New York time; 7:34 a.m. – 7:35 a.m. Chicago time).

Aluminum futures London marker price calculation

Marker price is calculated from the volume-weighted average of trades during the one-minute time span from 12:59 – 13:00 London time, else the mid-point of the CME Globex bid/ask quotes for the Aluminum futures (ALI).

CME Group Spot Gold Reference Rate

EBS Market is the data source for the calculation to create spot gold pricing.

Tier 1: If a trade(s) occurs between 13:29:00 and 13:30:00 ET, the spot month settles to the volume-weighted average price (VWAP), rounded to the nearest one cent increment.

Tier 2: If there is no VWAP, then the last trade price is checked against the 13:30:00 ET bid/ask.

1. If the last trade price is outside of the bid/ask spread, then the contract settles to the nearest bid or ask price.

2. If the last trade price is within the bid/ask spread or if a bid/ask is not available, then the contract settles to the last trade price.

Tier 3: If there is no last trade price available, then the prior settle is checked against the current bid/ask.

1. If the prior settle is outside of the bid/ask spread, then the contract settles to the nearest bid or ask price.

2. If the prior settle is within the bid/ask spread or if a bid/ask is not available, then the contract settles to the prior settlement price.

Market Data

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