LME Copper and Nickel Trading Surge

LME Copper and Nickel Trading Surge Amid Shifting Market Activity

LME copper and nickel trading shows strong momentum in 2025 as investors respond to tightening global supply and shifting industrial demand. The London Metal Exchange (LME) reports higher activity against both contracts during the first 11 months of the year. As a result, traders now watch these metals more closely for signals tied to manufacturing and energy transition markets.

Copper trading increased 7.6 percent year over year, with more than 40.3 million lots exchanged from January through November. Meanwhile, LME copper and nickel trading gained further traction as nickel volumes jumped 25.7 percent over the same period. This rebound highlights renewed confidence in the contract after its turbulent 2022 trading environment.

Aluminum volumes remained stable at 65.5 million lots, keeping the LME primary aluminum contract the most active on the exchange. However, cobalt emerged as a surprising standout with an unprecedented 1,345 percent surge in trading. The ferrous complex told a different story as steel scrap, rebar, and HRC contracts lost momentum, signaling cooling interest across recycled steel markets.

Market Forces Driving LME Copper and Nickel Trading Growth

This year’s surge in LME copper and nickel trading reflects broader macro shifts in supply chains, risk appetite, and commodity demand. Traders continue to recalibrate positions due to mine disruptions, EV-industry metal requirements, and supply tightness in stainless steel feedstocks. Meanwhile, weaker ferrous participation underscores slower construction activity and muted global steel output.

To support the steel scrap community, the LME expands its engagement efforts through educational webinars. The upcoming Dockside Chat on January 12, 2026, will feature industry experts from Navigate Commodities, S&P Global Platts, and Adelphi. The event aims to provide real-time insights on mill utilization, shipping flows, and market sentiment.

SuperMetalPrice Commentary:

The rise in LME copper and nickel trading underscores a powerful shift toward energy-transition metals. SuperMetalPrice expects copper and nickel to remain central to trader strategies in 2026 as EV battery demand, renewable infrastructure, and stainless markets tighten supply channels. Cobalt’s explosive activity suggests traders now reassess its strategic relevance, while weaker steel scrap volume highlights challenges in ferrous decarbonization and construction-linked demand.