The problemYou join a metals trading desk or mining finance team. LME cash vs 3-month, TC/RC, warrant cancellations, Midwest Premium, NPI, LBMA fix, EAF economics — the vocabulary is dense and specific. This deck closes the gap fast.Prep2Go Metals Trader Pack is built for exactly this moment.What's inside202 cards across three blocks:Block 1 — Universal Trading Foundation (102 cards) The mechanics every commodity trader needs regardless of what they trade. Pricing, Incoterms, hedging, trade finance, project finance, market structure. The vocabulary that underlies all physical markets.Block 2 — Metals Markets (49 cards) From LME mechanics to physical trading, copper supply chains, aluminium economics, gold drivers, green metals, and the structural themes reshaping the sector. How physical metal is bought and sold. What moves prices. How the LME carry trade works.Block 3 — Freight & Shipping (51 cards) Vessel types and their routes. Charter parties. Demurrage. FFAs and freight hedging. LNG shipping. What drives freight rates — and why it matters for the economics of every metals trade.Sample cardsQ: What is the LME carry trade in metals? A: Buying physical metal (cash) and simultaneously selling 3-month futures to capture the contango. Profit = contango minus storage minus financing. Incentivizes putting metal into LME warehouses during surplus. Example: Contango $50/t, warehouse cost $8/t/month × 3 = $24, financing $6 → carry trade profit $20/t. Multiplied across 100,000t = $2M.Q: What are TC/RC in copper and why do they matter? A: Treatment Charge (TC): fee miners pay smelters to process concentrate into blister copper ($/dry metric tonne). Refining Charge (RC): fee for refining to final cathode (cents/lb). Annual benchmark negotiated between miners and smelters. Example: High TC/RC → smelters profitable, concentrate in surplus. Low TC/RC → miners have power, concentrate is tight. Direction signals who controls the market.Q: What is the Midwest Premium in aluminium? A: Regional premium paid above LME aluminium price to receive physical metal in the US Midwest — covers freight, duty, financing, and regional supply/demand balance. Example: LME aluminium $2,400/t + Midwest Premium $400/t = all-in US price $2,800/t. Premium spiked after 2018 Section 232 tariffs as import economics changed overnight.Full card list includesPricing: spot, forward, contango, backwardation, basis, arbitrage, cost curve, marginal producer Incoterms: all 11 terms (EXW through DDP) + risk spectrum + Incoterms 2020 changes Hedging: futures, swaps, puts, calls, collars, VaR, margin calls, FFAs, basis risk Trade finance: LC, bill of lading, RCF, prepayment financing, self-liquidating trades LME mechanics: 3-month contract, cash price, LME carry trade, warrants, inventory signals Exchanges: COMEX copper arbitrage, SHFE import arbitrage, TC/RC benchmark negotiations Copper: Dr. Copper, supply chain (mine→concentrate→blister→cathode), grades, COMEX-LME spread Aluminium: supply chain, energy cost structure, Midwest Premium, tariff impact Zinc & Nickel: zinc TC economics, nickel Class 1 vs NPI, LME nickel crisis 2022, Indonesian disruption Gold: LBMA fix, lease rates, real interest rate relationship, central bank buying, producer hedging Silver: dual industrial/monetary nature, gold/silver ratio trade PGMs: palladium supply squeeze, catalytic converter demand, South African dominance Steel: iron ore 62% Fe benchmark, HRC pricing, EAF vs blast furnace, scrap market, Turkey benchmark Physical trading: trade mechanics, physical premiums, stock-and-finance, concentrate complexity, optionality Market themes: China as the cycle, copper-gold macro ratio, green metals thesis, lithium, cobalt, rare earths Vessels: Capesize, Panamax, Supramax, Handysize, VLCC, LNG carrier Operations: fixture, NOR, laytime, demurrage, WIBON, Statement of Facts, bunkers, scrubbers FFAs: mechanics, settlement routes, freight options, market participantsFAQ Is this official exam material?No. Independent study aid — not affiliated with, endorsed by, or sponsored by the exam provider. Does this guarantee I will pass?No. The deck improves retention and exam readiness; your results depend on how consistently you study. Can I use it on my phone?Yes. Import the .apkg on Anki desktop, then sync to AnkiMobile (iOS) or AnkiDroid (Android). What file format is delivered?Digital download: Anki-compatible .apkg file through Gumroad. Refunds?Digital download — all sales final.Also available in a bundle: Ultimate Commodity Trader Anki Pack (METAL + OIL + COAL) — save vs buying separately.