The collection of all n-point metric spaces of diameter \(\le 1\) constitutes a polytope \(\mathcal {M}_n \subset \mathbb {R}^{\left( {\begin{array}{c}n\\ 2\end{array}}\right) }\) , called the Metric Polytope. In this paper, we consider the best approximations of \(\mathcal {M}_n\) by ellipsoids. We give an exact explicit description of the largest volume ellipsoid contained in \(\mathcal {M}_n\) . When inflated by a factor of \(\Theta (n)\) , this ellipsoid contains \(\mathcal {M}_n\) . It also turns out that the least volume ellipsoid containing \(\mathcal {M}_n\) is a ball. When shrunk by a factor of \(\Theta (n)\) , the resulting ball is contained in \(\mathcal {M}_n\) . We note that the general theorems on such ellipsoid posit only that the pertinent inflation/shrinkage factors can be made as small as \(O(n^2)\) .