The London Metal Exchange (LME) says its trading volume “surged” in the first quarter of this year, with trades on several contracts rising by double-digit amounts compared with the first quarter of 2023.
Measured by average daily volume (ADV), overall first quarter 2024 trading volumes rose by 31 percent year on year, and market open interest (MOI) positions finished up 21 percent compared with one year prior.
The LME says trading on its nickel contract is continuing to rebound after the disturbance that brought trading on that contract to a complete halt for more than a week in March 2022.
Another metal with more trading interest this year has been lead, with the LME reporting ADV on that contract reached a record high of 83,431 lots in March. Lead’s trading volume on the LME in this year’s first quarter rose by 48 percent compared with the prior year.
Although the price of copper on the LME rose steadily in March, that did not spur a rapid increase in trading volume. ADV activity on LME copper rose by 13 percent in this year’s first quarter compared with last year’s, making it the slowest riser among the LME’s six most commonly traded nonferrous metals.
Also checking in with double-digit ADV growth on the LME in the first quarter of 2024 were: aluminum (30 percent), tin (36 percent) and zinc (34 percent).
In the ferrous sector, trades against the LME's cash-settled futures Steel Scrap CFR (cost and freight) Turkey contract in this year’s first quarter reached 2.9 million metric tons in ADV, a 38 percent year-on-year increase.
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