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Financial terms can have varying meanings, but for producers and consumers of metals, they principally indicate risk. To mitigate this risk, the metal community utilizes the London Metal Exchange's futures and options contracts. For instance, a battery manufacturer named Batting requires 100 tons of lead by May and makes an agreement with lead producer Lead Co. to secure delivery and payment in April at the current market rate. This arrangement places both parties in a precarious position: if lead prices fall from $2,000 a ton in January to $1,000 in April, Lead Co. incurs a loss, while if prices rise to $3,000, Batting faces a higher cost than initially anticipated. This risk underscores the necessity of futures contracts in the metal industry.
