Overview
In Q1 2026, LME average daily volume (ADV) was up 25.7% on Q1 2025. Q1 2026 was the LME’s highest ever quarter, up 13.0% on Q4 2025 which was the previous quarterly record.
January and March saw the two highest ever monthly volumes for the LME. Over the quarter, the LME has seen three of its top five most busy days in terms of volume.
LME Aluminium, LME Copper, LME Nickel and LME Lead all saw new quarterly highs, with year-on-year increases ranging from 14.4% to 40.3%. Options also saw a significant increase in volumes with a new quarterly high, and up by 138.9% from Q1 2025.
Futures MOI is up 2.6% year-on-year, while options and TAPOs open interest has increased 52.5% from the end of March 25, exceeding 900,000 lots during the quarter for the first time since 2009.
Matthew Chamberlain, LME CEO, said:
“As the figures show, this has been another record quarter for the LME, with new highs for overall ADV, and for many of our core metals. The LME market has again demonstrated itself to be an essential tool for managing the geopolitical uncertainty that continues to affect our sector.”
“Strong volumes reflect market conditions, but they also mark the beginning of a new phase of growth driven by our electronic market enhancements. The strength of our options volumes, in particular, indicates growing anticipation ahead of the launch of options auto-expiry in September and subsequent go-live of electronic options. As our market enhancements gather momentum they will support deeper liquidity, a better trading experience and a richer marketplace for all.”
Quarterly volumes
|
|
ADV Q1 2026 (lots) |
ADV Q1 2025 (lots) |
% |
|
Total |
877,942 |
698,209 |
25.7 |
|
Aluminium |
349,211 |
263,040 |
32.8 |
|
Copper |
213,808 |
165,976 |
28.8 |
|
Zinc |
110,332 |
106,654 |
3.4 |
|
Nickel |
109,543 |
78,081 |
40.3 |
|
Lead |
82,443 |
72,080 |
14.4 |
|
Tin |
8,749 |
7,306 |
19.7 |
Other quarterly data highlights
- Options volumes grew significantly, reaching an ADV of 66,611 lots, up by 138.9 % on Q1 2025 and by 57.0% on Q4 2025 which was the previous high. January, February and March all saw ADVs higher than 60,000 lots.
- Market open interest: futures MOI was up 2.6% year-on-year, while options and TAPOs open interest increased 52.5%.
- Electronic volumes: January and March saw the two highest ever monthly overall volumes on LMEselect, while March saw the highest ever third Wednesday (3W) volumes on LMEselect, up by 108.3% on March 2025.
- LME Aluminium saw its highest ever quarter, up 18.4% on the previous high in Q2 2014.
- LME Copper reached its highest ever quarter, up 6.9% on the previous high in Q2 2013.
- LME Nickel saw its highest ever quarter, up 9.0% on the previous high in Q3 2019.
- LME Lead set a new quarterly high, up 8.3% on Q4 2025 which was the previous high.
- LME Tin saw its highest quarter since 2014.
NB: Data excludes UNA trades.
