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GCSE Design and Technology · key term
An accepted market price used as a starting point when agreeing the price of a particular material or product.
Used by Edexcel
Specification 2.3.4 · Paper 1
Revise: Cost FactorsThe London Metal Exchange (LME) provides a trading market where widely accepted reference prices for metals are established. These prices give buyers and sellers a common starting point when negotiating material costs.
Treat an LME commodity price as a reference price for the underlying metal, not as the complete price of a finished component.
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