Overview
In Q3 2025, LME average daily volume (ADV) was up 3.0% on Q3 2024. Q3 2025 was the LME’s sixth highest quarter by ADV in the past 10 years and follows the 10-year high for the market in Q2 2025.
LME Nickel volume has consolidated its progress, up 30.9% over Q3 2024. LME Lead was up 5.2% on Q3 2024 and LME Tin was up 4.4% over the same period. LME Cobalt has grown significantly for each of the last four quarters and ADV was up from 9 lots in Q3 2024 to 125 lots in Q3 2025 with its highest ever monthly ADV in August.
Q3 2025 has also seen the highest level of futures market open interest (MOI) since March 2021.
Matthew Chamberlain, LME CEO, said:
“While markets have drawn breath following an exceptional second quarter we have continued to see strong volumes at the LME. It has been particularly pleasing to follow the growth of our cobalt contract.
“This quarter has marked the first concrete steps in our work to enhance liquidity on our market with the introduction of TAS contracts. There is more to come in the final three months of the year including the calibration of tick sizes as we prepare for the introduction of block thresholds in Q1 2026. It is an exciting period for the LME and I am grateful to members and clients for their continuing support and readiness to work with us on enhancements that will ultimately deliver even stronger, more liquid markets.”
Quarterly volumes
|
|
ADV Q3 2025 (lots) |
ADV Q3 2024 (lots) |
% |
|
Total |
661,826 |
642,709 |
3.0 |
|
Aluminium |
240,057 |
249,295 |
-3.7 |
|
Copper |
155,135 |
148,491 |
4.5 |
|
Zinc |
102,249 |
101,542 |
0.7 |
|
Nickel |
82,316 |
62,891 |
30.9 |
|
Lead |
71,550 |
68,013 |
5.2 |
|
Tin |
6,658 |
6,375 |
4.4 |
Other data highlights
- LME Copper had its fourth highest quarter since Q2 2017.
- LME Nickel saw its second highest quarterly ADV since Q1 2020.
- LME Lead saw its third largest quarter on record.
- LME Tin had its third highest quarter in the past 10 years.
- LME Cobalt has continued its exceptionally strong growth – up 1,300% on Q3 2024.
- Market open interest for futures rose from mid-July and on 26 September it hit 1.995m lots – its highest level since March 2021.
- Price volatility across the market has fallen. August saw an average daily “at the money” (ATM) volatility of 18% for nickel, the lowest level since December 2013 while in the same month aluminium saw its lowest daily ATM volatility since March 2024.
NB: Data excludes UNA trades.
More LME volumes data can be found here.
