LPPM: the London market for platinum and palladium
The London Platinum and Palladium Market (LPPM) is the trade association for wholesale trading in platinum and palladium. It maintains the list of refiners whose bars are accepted as good delivery in London and Zurich, and oversees the standards for these two metals as well as for rhodium.
What is the LPPM?
For a long time, dealers in London and Zurich traded platinum and palladium informally, directly with one another. In 1979, leading firms in both cities agreed to accept as deliverable only metal with uniform specifications and known origin. In 1987, the market was formalised with a founding charter, creating the LPPM.
The LPPM is not a market place in the sense of an exchange. As in the gold market, trading is over the counter, and trades refer to metal loco London or loco Zurich. Since 2009, platinum and palladium loco London have also been settled through LPMCL, the London market’s clearing company.
Besides platinum and palladium, the LPPM also oversees standards for rhodium. Like the LBMA for gold, its list ensures that dealers can rely on the weight, fineness and origin of bars without having to test every bar again.
Who are the members?
The LPPM has 116 members in 21 countries. They include banks, refiners, fabricators and brokers. Members are divided into tiers:
- 18 full members
- 47 associate members
- 48 affiliates
- 3 affiliated exchanges
What counts as Good Delivery for platinum and palladium?
The LPPM maintains the London/Zurich Good Delivery List. It currently includes 40 refiners for platinum and 34 for palladium. Their plates and bars are accepted in the wholesale market without further testing.
A standard bar weighs between 1 and 6 kilograms, or between 32.151 and 192.904 troy ounces, and has a fineness of at least 99.95%. It carries the refiner’s mark, the metal name with a fineness stamp, its own serial number and the month and year of manufacture. These bars are therefore much smaller than Good Delivery gold bars.
How is the platinum price set?
The benchmark prices for platinum and palladium are called the LBMA Platinum Price and the LBMA Palladium Price. Their forerunners date back to 1973, when a twice-daily price quotation for platinum was introduced for the first time, the London Platinum Quotation.
Until 30 June 2026, the London Metal Exchange ran the auctions. Since 1 July 2026, ICE Benchmark Administration has been responsible, which also sets the LBMA Gold Price. The auctions start at 09:45 and 14:00 London time, first for platinum, then immediately afterwards for palladium. Because the price comes from the final auction round, there is no fixed publication time.
The switch also changed licensing: anyone using the prices from 1 July 2026 in real time or historically, for example for valuations or financial products, needs a licence from IBA. Existing LME licences do not cover this. IBA had held a public consultation on its methodology beforehand, to which no responses were received.
How are the LPPM and the LBMA connected?
Both associations are based in London and work closely together, but they are independent. The LBMA is responsible for gold and silver, the LPPM for platinum and palladium. The benchmark prices for all four metals carry the LBMA name, and since July 2026 all auctions have been run by IBA.
For investors, this means: if you buy platinum or palladium, look for bars from refiners on the LPPM list. That says something about origin and quality, not about future price developments.
