Sectors
Base Metals
LME warrant finance + APF for copper, aluminum, zinc, and iron ore — $855B annual volume with court-enforced warrant infrastructure and real-time LME pricing.
Key figures
How it works
From mine to LME-settled finance.
LME warrant verification
Warehouse receipts are verified through the LME warrant oracle. Court-enforced title documents provide the strongest collateral in commodity finance.
Price feed & margin calculation
Real-time LME official settlement prices feed into smart contracts. Advance rates and margin calls calculated automatically against daily closes.
Smart contract disbursement
Financing disbursed against verified warrants. Concentrate quality grading and smelter payable terms factored into advance rate calculations.
Settlement on warrant cancellation
When the warrant is cancelled for physical delivery or sold on-exchange, the financing auto-settles. Self-liquidating within the LME prompt date structure.
Capabilities
Court-enforced collateral meets programmable finance.
LME warrant oracle
Real-time verification of LME warrant status, location, and ownership. Court-enforced title documents provide the gold standard of commodity collateral.
Warehouse receipt tokenization
Physical metal held in LME-approved warehouses represented as on-chain tokens. Enables fractional financing and instant transfer of title.
LME official price feeds
Direct integration with LME official settlement prices for copper, aluminum, zinc, nickel, and tin. Automatic margin calculations and triggers.
Concentrate quality grading
Assay results and concentrate specifications verified on-chain. Payable metal content, penalty elements, and treatment charges calculated automatically.
Smelter payable terms
TC/RC benchmarks and payable metal percentages integrated into financing structures. Accurate valuation from mine-gate to refined metal.
Court-enforced warrants
LME warrants carry legal enforceability in English courts. The strongest collateral framework in global commodity markets, now programmable.
Comparison
Traditional vs. Caviar
| Traditional | Caviar | |
|---|---|---|
| Warrant verification | Manual checks, days | Oracle-verified in real-time |
| Price feed latency | End-of-day settlement | Real-time LME official prices |
| Settlement | T+2 via LME Clear | <6 seconds atomic DvP |
| Minimum ticket | $5M+ per warrant lot | $100K per fractional warrant |
Use cases
Real-world applications
Zambian copper
First Quantum Minerals copper cathode financed against Glencore offtake agreements. LME warrant finance with real-time Grade A pricing.
Indonesian nickel
Vale Indonesia nickel matte and ferronickel exports financed via warehouse receipt tokenization. LME nickel price feeds for automatic margin management.
Chilean copper
Codelco copper concentrate exports with smelter payable terms integrated into financing. TC/RC benchmarks and payable metal content calculated on-chain.
Deploy base metals trade finance.
Start with a single LME-warranted metal. See results in days, not quarters. Expand as trust builds.