Overview
In Q2 2026, the LME recorded its second-highest quarterly average daily volume (ADV) on record, reaching 810,433 lots per day. It follows the LME’s strongest ever quarter in Q1 2026 and the previous high seen in Q4 2025.
The LME has also seen trading on LMEselect rise as a proportion of overall trading volumes with a notable increase in 3rd Wednesday monthly volumes.
Matthew Chamberlain, LME CEO, said:
“This has been another strong quarter for the LME with volumes remaining close to the levels we saw in our record-breaking first quarter.
“The continued growth in LME options and monthly electronic liquidity provides clear evidence that our options and market structure modernisation programmes are delivering tangible benefits for market participants. With further enhancements planned, we remain focused on strengthening liquidity, improving market quality and making our markets even more efficient and accessible for users around the world.”
Quarterly volumes
|
|
ADV Q2 2026 (lots) |
ADV Q2 2025 (lots) |
% Change |
|
Total |
810,433 |
733,620 |
10.5 |
|
Aluminium |
336,354 |
292,799 |
14.9 |
|
Copper |
168,173 |
167,708 |
0.3 |
|
Zinc |
119,759 |
108,970 |
9.9 |
|
Nickel |
90,372 |
83,231 |
8.6 |
|
Lead |
82,632 |
68,877 |
20.0 |
|
Tin |
9,073 |
7,257 |
25.0 |
Quarterly volumes highlights
- LME Aluminium saw its second highest quarterly ADV on record, after Q1 2026.
- LME Zinc reached its second highest quarterly volume for the past seven years.
- LME Copper achieved the fourth highest quarterly ADV over the past ten years.
- LME Nickel reached its fifth highest ever quarter.
- LME Lead saw its highest ever quarter after increasing 20.0% year-on-year.
- LME Tin volumes increased 25.0% year-on-year to the highest ADV since Q2 2014.
Other data points
- Options volumes remained strong, reaching an ADV of 51,206 lots, up by 83.5% on Q2 2025, and the second highest ADV after Q1 2026.
- 3rd Wednesday monthly volume for base metals on LMEselect for H1 2026 was up by 116% year-on-year.
- Trading on LMEselect as a proportion of overall ADV is now up to 57% from 50% for full year 2025 (futures market trades only, including corresponding client contracts).
More LME volumes data can be found here.
NB: Trading data excludes UNA trades.
Sustainability and physical market data highlights
- Brand listings: five new brands have been listed on the LME in H1 2026. Of these, three were for copper, one was for cobalt, and one was for lead.
- LMEpassport – sustainability disclosures: 403 brands have disclosed sustainability metrics on LMEpassport, a 4% increase from the 387 brands recorded in December 2025.
- LMEpassport – certificates of analysis (CoAs): following the LME’s phased digitalisation of metal CoAs, there are now 18.2 million digital records on LMEpassport. Of these, 14.2 million are enhanced electronic CoAs, which have been produced digitally at the point of production.
