Overview
LME futures and options average daily volume (ADV) in Q2 2025 reached 733,620 lots, the highest quarterly ADV since Q2 2014. Volumes marginally exceeded ADV in Q2 2024 when new sanctions on Russian metal saw volumes surge to levels close to matching those of Q2 2014.
April 2025 was a record month for the LME with ADV reaching 834,580 lots and surpassing the previous record of 831,710 lots seen in April 2018. On 7 April, the LME saw its highest ever daily ADV with 1,478,107 lots traded. Four of the top five LMEselect trading days by volume also occurred in April 2025.
During the quarter, LME Nickel continued its upward trajectory up 22.9% y/y, while LME Tin was up 13.1% y/y.
Matthew Chamberlain, LME CEO, said: “Having experienced record ADV in April, and several of the top trading days we’ve ever seen on LMEselect, we’re pleased that our newly launched trading platform managed these high volume days flawlessly. While metals markets have been buffeted by external events, the value that we bring to our members and clients managing these risks is represented in the volumes we have witnessed on the market.
“It is particularly encouraging to see LME Nickel volumes at their highest level in five years, and our physically settled cobalt contract build momentum, with open interest at record levels in June.”
Quarterly volumes
|
|
ADV Q2 2025 (lots) |
ADV Q2 2024 (lots) |
Percentage change |
|
Total |
733,620 |
730,385 |
0.4% |
|
Aluminium |
292,799 |
292,622 |
0.1% |
|
Copper |
167,708 |
176,313 |
- 4.9% |
|
Zinc |
108,970 |
110,714 |
-1.6% |
|
Nickel |
83,231 |
67,731 |
22.9% |
|
Lead |
68,877 |
70,306 |
-2.0% |
|
Tin |
7,257 |
6,416 |
13.1% |
- LME Aluminium saw its highest quarter since Q2 2014.
- LME Nickel saw its highest quarterly volumes since Q1 2020.
- LME Copper volumes were the second highest in the last nine years, after Q2 2024.
- LME Tin saw its second highest quarter in the past ten years, after Q1 2025.
- LME Cobalt has seen growing momentum, supported by a weekly liquidity window that was launched in March. Market open interest hit an all-time high of 1,412 lots on 30 June.
- LME Steel HRC FOB China (Argus) volumes were up 116% on Q2 2024.
More LME volumes data can be found here.
NB: Trading data excludes UNA trades.
Sustainability and physical market data highlights
- Brand listings: four new brands have been listed in the first six months of 2025, of which three were for lead and one for cobalt. A further eight new brand listing applications have been received in 2025.
- LMEpassport – sustainability disclosures:
o All LME listed brands are now disclosing sustainability metrics on LMEpassport, up 30% from December 2024 to June 2025.
o There are 1,316 sustainability disclosures, a 47% increase from December 2024 to June 2025 with a number of brands making two or more disclosures.
- LMEpassport – certificates of analysis (CoAs):
- LMEpassport hosts electronic CoAs and, as of June 2025, there are 10.2 million digital records on LMEpassport, up from 5.4 million at the end of 2024. Of these, 6.4 million are enhanced electronic CoAs, which have been produced digitally at the point of production.
