Averaged Price in Commodity Trade

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Question from C.D.:
Dear Sirs,
Please let me have your opinion in the following case:
A letter of credit requires:

Description of goods:
Copper ....etc
Price : cash seller and settlement equal to the average of the LME (London Metal Exchange) quotations valid around CMR date (one quotation before CMR, one quotation on CMR date and one after CMR date - 1/1/1) + 153 EUR.
Final price to be rounded with 2 decimals. If no quotation on CMR date then one quotation before CMR, and one quotation after CMR date shall apply : 1/-/1) .
Commercial invoice in triplicate showing CMR date and full price calculation.
The beneficiary presented following invoice:

CMR: 1234/12.11.2008
Description of goods:
Copper ....etc
Price : cash seller and settlement equal to the average of the LME (London Metal Exchange) quotations valid around CMR date (one quotation before CMR, one quotation at CMR date and one after CMR date - 1/1/1) + 153 EUR.
If no quotation on CMR date then one quotation before CMR, and one quotation after CMR date shall apply - 1/-/1).
Price based on quotations dated 11 - 13.11.2009
EUR 3456 plus
EUR 153
========
Final price EUR 3609,00.

My question is: does this invoice shows by this way 'full price calculation' or it should have shown :
price valid on 11.11 = EUR ..
Price valid 12.12. = EUR ..
price for 13.11. = EUR ..
Average price EUR 3.456
plus EUR 153
Final price = EUR 3609,00.
How can be interpreted in this context the wording "full price calculation'
Best regards
CD

Response from T.O. Lee:
Dear All,
From my experience in dealing with L/C disputes for commodity products (manufactured goods such as cement, & steel goods) and produces (natural produces such as vegetables and fruits), to make it fair for both the buyer and the seller in case of severe price fluctuations, and to avoid "unjust enrichment" as the court is trying to prohibit, the price is not to be based on the published commodity index of any one particular day, but an average is taken one day before, one day on and one day after the shipment date.
In crude oil trade, where fluctuations are more severe, an average of five calendar (failing which working) days is taken, two days before shipment, the date of shipment and two days after shipment.
Then a mutually agreed premium is added to the average value to make up the final price of the goods, used to calculate the total value. Sometimes a more complex price formula is used.
In the query, "1/1/1" means "one day before, one day on and one day after shipment".
Some times the shipment date may be a public holiday where there is no LME quotation published. In that case there are two solutions:
Solution 1 This non working date is not counted for average price purpose. It is expressed as "1/-/1" as in the query.
Solution 2 The price of the next working day is used instead, and that means it still needs the average price of three working days, before, on and after the shipment date". This is a more popular practice.
So as I understand in the way the query is presented, if the date of shipment falls on a public holiday, then it is not counted and the average is taken using the price for two working days only. This is expressed as "1/-/1". However, what about "-/1/1", "-/1/-", "1/1/-", "1/-/-" or even "-/-/-"? This may lead to disputes.
Simply adding the magic words "working days" (where there is no quotation from the commodity index publisher such as LME) in the credit term would solve the problem.
As I always say, the bank should gather their best checkers to form a "commodity desk" and pay them 25% more salary. They are the best trained experts in that bank, knowing charter party bills of lading, cargo insurance, Incoterms 2000, law of contract, and commodity trade practices on top of CDCS (distinction if you will). This is KYC put into real practice, not lip service. Otherwise many unnecessary discrepancies may be created, one being reflected in a DOCDEX case where the experts treat one term they do not understand, but very popular in the oil trade, as a valid discrepancy. I feel sorry for my client.
T. O.

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