Download User Guide - Berkeley Futures Limited

Trading With J-Trader
Trading on the London Metal Exchange
When you open a trade ticket and Exchange = LME, the ticket is slightly different. Follow these steps:
1 Fill in a trade ticket (page 40), where Exchange = LME.
2 Select the Type of trade:
Outright: Single contract date with a fixed delivery date.
Carry: Transaction with a near leg and a far leg.
The trade ticket changes slightly, according to whether you are entering an Outright or a Carry
trade:
3 Select the leg(s):
Either use the dropdown lists in the Near Leg field and (for Carry trades only) the Far Leg
field.
Or click Select... to open the LME Contract Data Selection screen.
4 Now:
The Outright part of the screen is for outright trades, and the Average Prompt part for carry
trades. Click one of the following buttons, depending on when the delivery date is:
CASH for day after tomorrow.
3M for three months from the current trading day.
TOM for tomorrow (whether this button appears depends on which trading day you select).
If entering an Outright trade, click Buy or Sell. You have now finished entering the trade.
If entering a Carry trade, continue with the following steps.
5 When you select Carry, c and b buttons appear next to the Price field:
Either click c (‘contango’), if the far leg has a higher price than the near leg. In this case, the
price is submitted as a negative price (although it is not displayed as a negative price on the
LME trade ticket).
Or click b (‘backwardation’), if the far leg has a lower price than the near leg.
If you click neither button, the price is assumed to be a backwardation.
6 Now click:
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