The LME Act, or London Metal Exchange Act, is a piece of legislation that governs the operations and regulations of the London Metal Exchange, the world’s largest market for trading base metals. Enacted in 1877, the LME Act sets out the rules and procedures for the buying and selling of metals such as copper, aluminum, and zinc, as well as the standards for the quality and delivery of these metals. It also establishes the role of the LME as a self-regulatory organization, responsible for maintaining fair and transparent trading practices within the metal market. The LME Act plays a crucial role in ensuring the stability and integrity of the global metal market, making it a vital piece of legislation for traders, producers, and consumers alike.