Benchmark price (BP) is the price per unit of quantity in a specific segment of the international marketplace, set by the country or producers' organization that consistently exports the largest quantity or volume in a marketplace such as the London Metal Exchange.
[1][2] This price is set periodically, usually monthly and serves as a guideline for international trade.
The term "benchmark" can be applied to many aspects of public concern, such as quality, services, attitudes and others, denoting the highest standards achieved in such spheres.
For example, a school or university could be cited as setting the benchmark for education.
An example is the benchmark prices that apply to crude oil in the international marketplace.