Benchmark price (BP) is the price per unit of quantity of a commodity traded in the international marketplace, set by the country or producers' organization that consistently exports the largest quantity or volume of the commodity or in a marketplace such as the London Metal Exchange. This price is set periodically, usually monthly and serves as a guideline for international trade in the commodity. Benchmark prices apply to all commodities. An example is the benchmark prices that apply to crude oil in the international marketplace. Also see Benchmark (crude oil)