Lots traded on the London Metal Exchange during the first half of 2009 totalled 55,185,086 – 1.8 per cent higher than the same period last year.
Lots traded on the London Metal Exchange during the first half of 2009 totalled 55,185,086 – 1.8 per cent higher than the same period last year.
Daily average volumes rose 2.6 per cent to 445,041 lots due to 2008 being a leap year.
Among the contracts showing the highest volume growth in 2009, tin futures and options volume grew 71.6 per cent to 1,316,440 lots traded in the first six months of 2009, while nickel volumes grew 19.4 per cent to 3,085,672 lots and copper grade A grew 3.3 per cent to 13,570,101 lots over the same period.
Futures and options volumes in primary HG aluminium, the Exchange’s largest contract, were slightly down to 25,160,501 lots – representing a contraction of 2.8 per cent.
The exchange also registered strong growth in trading of its extended prompt dates launched last September where high grade primary aluminium and copper grade A contracts were extended from 63 months to 123 months (ten years), special high grade zinc and primary nickel from 27 months to 63 months (five years), and standard lead from 15 months to 63 months (five years). In total, 153,191 lots of the new extended prompt dates were traded between January and June.
Martin Abbott, chief executive of the LME, says: ‘The LME is proving to be an attractive place to do business during the downturn with continued growth in trading volumes despite tough market conditions. Our core non-ferrous metals contracts continue to grow and we are also seeing encouraging volumes in our new products – particularly in the extended prompt date offerings and in the Mediterranean steel billet contract.’
