.jpg)
Overview
In Q1 2025, LME average daily volumes (ADV) were up 5.9% on Q1 2024. This quarter registered the second highest quarterly ADV in the last 11 years, while March 2025 saw the third highest monthly ADV in the last 10 years.
LME Nickel ADV was up by 28.0% over Q1 2024; this follows a strong year in 2024 when annual ADV rose by 58.8% over 2023. LME Tin was up 22.0% on Q1 2024 and LME Copper was up 10.6% over the same period.
Matthew Chamberlain, LME CEO, said:
“This has been another strong quarter for the LME, driven by an ever-widening set of participants accessing the market. With increasing global focus on both the opportunities and challenges in the base metal complex, we remain committed to enhancing market liquidity for both physical and financial users – including through the successful launch of our new trading platform, and the forthcoming outcome of our Enhancing Liquidity White Paper.
“With LME volumes in the quarter at their second highest for 11 years, and nickel ADV in March at its highest level in five years, we are grateful to our members and clients for their continuing support.”
Quarterly volumes
|
|
ADV Q1 2025 (lots) |
ADV Q1 2024 (lots) |
% |
|
Total |
698,209 |
659,436 |
5.9 |
|
Aluminium |
263,040 |
259,914 |
1.2 |
|
Copper |
165,976 |
150,059 |
10.6 |
|
Zinc |
106,654 |
103,241 |
3.3 |
|
Nickel |
78,081 |
60,991 |
28.0 |
|
Lead |
72,080 |
74,135 |
-2.8 |
|
Tin |
7,306 |
5,989 |
22.0 |
- LME Copper had its second highest quarter since Q2 2016. February and March were the third and fourth highest monthly ADVs over the past eight years.
- LME Aluminium hit its second highest quarterly ADV since 2020.
- LME Tin has seen particularly notable volumes against a backdrop of market supply challenges:
o It reached its highest ever daily volume on 13 March with 16,817 lots.
o ADV over Q1 2025 was the highest since Q3 2014.
o February and March saw the two highest monthly ADVs over the past six years.
- LME Lead saw its second largest quarter on record (after Q1 2024) with an ADV of 72,080 lots.
Cash-settled futures highlights
- LME Steel HRC FOB China (Argus) continued a strong run that started midway through 2024. Q1 2025 saw the second highest ever ADV, up by over 500% from Q1 2024.
- March saw the third highest month ever for LME Steel Scrap CFR Turkey (Platts) with an ADV of 5,177 lots.
More LME volumes data can be found here.
NB: Data excludes UNA trades.
