Overview
LME futures and options average daily volume (ADV) in 2024 reached 664,698 lots, up 18.2% on ADV in 2023 and reaching the fourth highest annual ADV on record.
LME Nickel has seen large increases in ADV over 2023 (up 58.8% y/y), with LME Tin also seeing significant growth (up 25.9% y/y). The LME’s ferrous contracts have also seen sustained volume increases, with Steel HCR FOB China (Argus) up 186.1% y/y and Steel Scrap CFR Turkey (Platts) up 48.4% y/y.
Matthew Chamberlain, LME CEO, said:
“2024 has been a year of significant progress for the LME and this is clear from the rise in volumes across the market. Nickel has rebounded back to levels seen in 2021 and our ferrous products continue to perform well as more firms manage their risk exposures through LME contracts.
“Thanks to the support from our users I believe the LME enters 2025 in a strong position.”
Annual volumes
|
|
ADV 2024 (lots) |
ADV 2023 (lots) |
Percentage change |
|
Total |
664,698 |
562,171 |
18.2% |
|
Aluminium |
262,390 |
226,594 |
15.8% |
|
Copper |
152,291 |
138,488 |
10.0% |
|
Zinc |
104,318 |
89,211 |
16.9% |
|
Nickel |
65,094 |
41,002 |
58.8% |
|
Lead |
68,565 |
58,011 |
18.2% |
|
Tin |
6,284 |
4,990 |
25.9% |
Quarterly volumes highlights
- LME Nickel rose by 37.5% over Q4 2023 and by 9.4% over Q3 2024.
- LME Tin volumes were up by 16.6% over Q4 2023.
- LME Zinc volumes were up by 9.6% over Q4 2023.
- LME Steel Scrap CFR Turkey (Platts) reached an ADV of 4,296 lots in Q4 2024, up 9.1% on Q4 2023.
- LME Steel HRC FOB China (Argus) continued its strong growth with an ADV of 649 lots in Q4, an increase of 735.6% over Q4 2023.
- LME Steel Rebar FOB Turkey (Platts) volumes were up by 53.2% over Q4 2023.
More LME volumes data can be found here.
NB: Trading data excludes UNA trades.
Sustainability and physical market data highlights
- Brand listings: 11 new brands were listed on the LME in 2024. Of these, four were for nickel, two each for lead, copper and cobalt, and one for primary aluminium.
- LMEpassport – sustainability disclosures:
o 267 brands have disclosed sustainability metrics on LMEpassport, up 20% from October 2023 to December 2024.
o There have been 692 sustainability disclosures, a 43% increase from October 2023 to December 2024.
o 58 different sustainability certifications and disclosures are supported by the platform.
- LMEpassport – certificates of analysis (CoAs):
- Following the LME’s phased digitalisation of metal CoAs, there are now 5.4 million digital records on LMEpassport. Of these, 1.7 million are enhanced electronic CoAs, which have been produced digitally at the point of production.
- Responsible sourcing: 31 December 2023 marked the end of the first full cycle of responsible sourcing compliance, and the LME confirmed that those brands not complying would be suspended or delisted – in January 2024, 10% of brands were suspended in total. A number of these (14%) were able to re-list in 2024 after achieving full compliance with the LME’s requirements.
