The London Metal Exchange (LME) today issued an unaudited statement for trading volumes in its base metals, steel billet and plastics contracts during the first six months of 2009. Total lots traded on the exchange rose 1.8% to 55,185,086 compared with the same period last year.
Among the contracts showing the highest volume growth in 2009, tin futures and options volume grew 71.6% to 1,316,440 lots traded in the first six months of 2009, while Nickel volumes grew 19.4% to 3,085,672 lots and Copper Grade A grew 3.3% to 13,570,101 lots over the same period. Futures and options volumes in Primary HG Aluminium, the Exchange’s largest contract, were slightly down to 25,160,501 lots – representing a contraction of 2.8%.
Tin futures volumes increased by 82% to 1,291,738 lots (of 5 tonnes) in the year to date and were up 217% year-on-year in June, reflecting increased investor activity in trading spreads between different delivery dates. Tin options volumes were much lower, falling by 56% year-on-year to only 24,702 lots in January-June, although June turnover jumped was over six times that in June 2008.
Commenting on the overall picture, Martin Abbott, Chief Executive of the LME said: “The LME is proving to be an attractive place to do business during the downturn, with continued growth in trading volumes despite tough market conditions. Our core non-ferrous metals contracts continue to grow and we are also seeing encouraging volumes in our new products – particularly in the extended prompt date offerings and in the Mediterranean steel billet contract.”
