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Meaning of prompt date in English a date for delivery of a commodity (= metal, oil, farm product, etc.) in a futures contract (= agreement to buy and sell a particular product on a particular date in the future at a fixed price): The prompt date is the first Wednesday of July.
Prompt-month, also called near-month, refers to the futures contract that is closest to expiration and is usually for delivery in the next calendar month (e.g., prompt-month contracts traded in February are typically for delivery in March).
The LME is a terminal market whereby every futures contract anticipates that a delivery will take place. While the majority of contracts are for financial purposes and are cancelled out by equal and opposite contracts, there is a physical commitment behind the original contract.
The LME Official Price is the last bid and offer price quoted during the second Ring session and the LME Official Settlement Price is the last cash offer price. How is it used? The LME Official Price is used as the global reference for physical contracts.
What Is the London Metal Exchange (LME)? The London Metal Exchange (LME) is a commodities exchange that deals in metals futures and options. The LME is a non-ferrous exchange, which means that iron and steel do not trade there. Instead, tradable contracts include aluminum, copper, gold, silver, cobalt, and zinc.
Commodities traded The LME offers futures and options contracts for aluminum, aluminum alloy, NAS AAC (North American Special Aluminum Alloy), cobalt, copper, lead, molybdenum, nickel, steel billet, steel rebar, steel scrap, tin and zinc.
LME select is the electronic member to member trading system. LME select benefits from straight through processing efficiencies where trades are automatically sent to the matching and clearing systems — LME smart and the LME Clear system (LME mercury).
They use a prompt date structure that allows traders to buy and sell futures daily for the first three months, then weekly out to six months and monthly up to ten years×. Most volume is in the 3-month forward contract, i.e. the contract becomes prompt in 3 months.

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