TITLE: Is the arbitrary product of metric spaces a metric space?
QUESTION [9 upvotes]: If $I_n = \{i \in \mathbb{N} : 1 \leq i \leq n\}$ and if $\mathcal{X}_n=\{(X_i,d_i) : i \in I_n\}$ is a finite family of metric spaces, we know that we can make their product $X = \prod_{i \in I_n}X_i$ a metric space by setting  $d: X \times X \to \mathbb{R}$ to be simply $d((p_1,\dots,p_n),(q_1,\dots,q_n))=|(d_1(p_1,q_1),\dots,d_n(p_n,q_n))|$ where $|\cdot|$ is some norm in $\mathbb{R}^n$ (I've seem this done mostly with the $p$-norm).
Now, what if we do the following. Let $\Lambda$ be an arbitrary indexing set (can be even uncountable), then we have a family $\mathcal{X}_\Lambda = \{(X_\lambda, d_\lambda) : \lambda \in \Lambda\}$ of metric spaces. We define their product to be:
$$X = \prod_{\lambda \in \Lambda}X_\lambda = \left\{f : \Lambda \to \bigcup_{\lambda \in \Lambda}X_\lambda : f(\lambda) \in X_\lambda, \forall \lambda \in \Lambda\right\},$$
is it possible then to present a natural metric in $X$ in terms of the metrics in each $X_\lambda$? In other words: "is the arbitrary product of metric spaces a metric space again?"
I've seem a similar question here, but I think this isn't duplicate, since that question was regarding aspects about the category of metric spaces.
Thanks very much in advance!

REPLY [9 votes]: Going to spoil the surprise: the metric Amitesh Datta defined is the categorical product in a suitable category of metric spaces, but

the morphisms in this category need to be weak contractions: that is, if $f : M \to N$ is such a morphism, then we need $d_N(f(x), f(y)) \le d_M(x, y)$;
the metrics in this category need to take the value $\infty$; and
the induced topology is not the product topology. 

The first requirement makes isomorphisms in this category the same as isometric isomorphisms, which is not true of the usual category of metric spaces and continuous maps (which should really be called the category of metrizable spaces). The usual category of metric spaces and continuous maps is somewhat poorly behaved, e.g. categorical constructions in this category do not come with natural metrics even when they exist. 
The second requirement is very natural, e.g. it also allows colimits in a nice way. See Lawvere metric space for details and this blog post for some more details about the special case of Banach spaces (although here we don't allow infinite values of the metric and so we need to restrict our attention to a bounded version of the product).