Derivatives

As of March 31, 2019, we had an open position of 66,506 tonnes related to LME forward financial sales contracts, some of which are with Glencore, to fix the forward LME price. These contracts are expected to settle monthly, between November 2019 and December 2024. We also have an open position related to Midwest Premium ("MWP") forward financial sales contracts to fix the forward MWP. As of March 31, 2019, we had an open position of 104,250 tonnes. These contracts are expected to settle monthly through December 2020.

We have financial contracts with various counterparties, to offset fixed price sales arrangements with certain of our customers (the “fixed for floating swaps”) to remain exposed to the LME price. As of March 31, 2019, we had open positions related to such arrangements of 12,093 tonnes settling at various dates through May 2020.

In 2017, we entered into financial contracts to fix the forward price of approximately 4% of Grundartangi's total power requirements for the period November 2019 through December 2020 (the “power price swaps”). As of March 31, 2019, we had an open position of 256,200 MWh related to the power price swaps. Because the power price swaps are settled in euros, in 2018 we entered into financial contracts to hedge the risk of fluctuations associated with the euro (the "FX swaps"). As of March 31, 2019, we had open positions related to the FX swaps for €5.6 million that settle monthly from November 2019 through December 2020.

The following table sets forth the Company's derivative assets and liabilities that were accounted for at fair value and not designated as cashflow hedges as of March 31, 2019 and December 31, 2018:



	Asset Fair Value
	March 31, 2019		December 31, 2018
Commodity contracts⁽¹⁾	$	8.9	$	8.2
Foreign exchange contracts⁽²⁾	—		—
Total	$	8.9	$	8.2



	Liability Fair Value
	March 31, 2019		December 31, 2018
Commodity contracts ⁽¹⁾	$	8.3	$	2.2
Foreign exchange contracts⁽²⁾	0.5		0.3
Total	$	8.8	$	2.5

⁽¹⁾Commodity contracts reflect our outstanding LME forward financial sales contracts, MWP forward financial sales contracts, fixed for floating swaps, and power price swaps.

⁽²⁾Foreign exchange contracts reflect our outstanding FX swaps.

The following table summarizes the net (loss) gain on forward and derivative contracts for the three months ended March 31, 2019 and 2018:



	Three months ended March 31,
	2019			2018
Commodity contracts⁽³⁾	$	(5.5	)	$	0.7
Foreign exchange contracts	(0.2		)	—
Total	$	(5.7	)	$	0.7

⁽³⁾For the three months ended March 31, 2019 and 2018,$(1.0) million and $0.3 million of the net (loss) gain, respectively, was with Glencore.