Overview
In Q3 2026 LME average daily volume (ADV) was up 12.2% year-on-year. It was the LME’s fourth-highest quarter on record, following the three largest quarters in its history.
LME Zinc and LME Lead both saw new quarterly highs.
ADV across all contracts also reached record levels for the respective months of August and September, making them the LME’s strongest August and September on record. August was also one of the ten highest-volume months in the LME’s history, surpassing the previous August record from 2014.
Trading on LMEselect has continued to grow and the share of electronic trading as a proportion of volume (market trades) rose from 49% in Q3 2025 to 60% in Q3 2026, while third Wednesday volumes increased significantly over the quarter. Options volumes also grew 44.8% year-on-year.
Matthew Chamberlain, LME CEO, said:
“This has been another strong quarter for the LME, with year-on-year growth in overall volumes and particularly notable performances in zinc and lead.
“The uplift in electronic volumes shows the positive initial impact of our market structure modernisation initiatives, with the growth in third Wednesday volumes starting to demonstrate the demand to trade monthly contracts.
“The launch of LME Steel HRC Shanghai this month and electronic options trading in March will build on the progress we’ve made over the last 12 months as we continue to broaden and modernise the market.”
Quarterly volumes
|
|
ADV Q3 2026 (lots) |
ADV Q3 2025 (lots) |
% |
|
Total |
742,496 |
661,826 |
12.2 |
|
Aluminium |
250,849 |
240,057 |
4.5 |
|
Copper |
171,809 |
155,135 |
10.7 |
|
Zinc |
133,208 |
102,249 |
30.3 |
|
Nickel |
87,547 |
82,316 |
6.4 |
|
Lead |
88,669 |
71,550 |
23.9 |
|
Tin |
7,779 |
6,658 |
16.8 |
Other data highlights
- Options volumes: were up by 44.8% over Q3 2025, with an ADV of 40,602 lots.
- Electronic volumes: trading on LMEselect was up by 18.2% over Q3 2025.
- 3W volumes: third Wednesday (3W) volumes have continued to grow rapidly on LMEselect, reaching an ADV of 2,378 lots in September, after 2,051 lots in August 2026 and 1,530 lots in July 2026. September ADV was the highest ever, and was up 224.1% on September 2025.
- LME Zinc reached its highest quarter ever, surpassing the previous high set in Q1 2014.
- LME Copper had its seventh highest quarter ever.
- LME Lead saw its highest quarter ever, up 7.3% on the previous high in Q2 2026.
- LME Tin saw its fourth highest quarter since 2014.
- LME Cobalt was up by 37.6% year-on-year.
