The key facts are: Overall volumes (35.4 million lots) have increased by 18% from the same period in 1999; Total futures contracts (32.4 million lots) have increased by 15% over this period; Total options contracts (2.8 million lots) have increased by 75% on the first six months in 1999; Nickel options contracts (300,000 lots) have increased by 210%, aluminium options contracts (1.36 million lots) are up by 122%; Copper TAPOs contracts (37,000 lots) have a year to date increase of 178%.
Commenting on these figures, David King, chief executive of the LME, said "I am delighted to report these record figures which emphasise the LME's premier position in the world of base metals trading. This sustained growth highlights the liquidity of the Exchange and its continued relevance to the market it serves.
"Although we are proud of this success, we are not complacent and we are determined to build and develop further. The LME remains a progressive organisation with a clear vision for the future. Work continues on our restructuring plans and our information technology strategy. Both of these issues will have a great impact on the market and we are now considering the responses we have received to the consultation document we issued last month. "We have been proactive in going to the members in advance of the final responses and the chairman and I have personally spoken to more than 60 members of the LME. Their comments have all been constructive and of great help in refining our vision of the future. We look forward to putting our collective views to the membership in the weeks ahead.
"Our parallel work in selecting a technology partner is going well and I expect that we shall be able to make an announcement on this vital part of our strategy within the next two weeks or so. A very exciting phase in the life of the LME beckons - all of us involved in it anticipate it keenly."
