LME Trading Volume Reaches Highest Quarterly Level Since 2014
The London Metal Exchange (LME) has reported a record-breaking performance in the second quarter of 2025, driven by surging activity in key contracts such as nickel and tin. Average daily volume (ADV) across futures and options reached over 733,600 lots—the highest quarterly ADV the exchange has seen since Q2 2014.
April stood out as a historic month, with ADV peaking at nearly 835,000 lots. This broke the previous monthly record set in April 2018, highlighting a strong rebound in global metals trading sentiment. The LME attributes this spike to a significant recovery in nickel trading, which had suffered a steep decline following the 2022 price volatility. Nickel ADV surged 22.9% year-over-year, reaching the highest level in five years.
CEO Matthew Chamberlain emphasized the role of LME’s new trading infrastructure, noting it handled multiple high-volume trading days without disruption. “We’re pleased that our newly launched trading platform managed these high-volume days flawlessly,” Chamberlain said. He also pointed to growing interest in the physically settled cobalt contract, which reached record open interest levels in June.
Nickel and Tin Lead Gains While Copper Falters
Nickel wasn’t the only metal to support LME’s trading resurgence. Tin contracts also gained notable traction in Q2 2025. ADV for tin rose more than 13% compared to the same quarter last year, climbing from 6,400 to about 7,250 lots. This growth underscores tin’s evolving role in electronics and battery manufacturing supply chains.
Meanwhile, trading volumes for other core base metals experienced marginal declines. Copper ADV slipped 4.9%, with traders navigating price discrepancies between the LME, COMEX, and Shanghai Futures Exchange (SHFE). Lead and zinc also declined modestly by 2% and 1.6%, respectively. Aluminum—the exchange’s highest volume contract—remained flat with only a 0.1% decrease.
Despite these dips, LME continues to provide a vital platform for metals price discovery and risk management. The exchange’s diversified contract offerings and stable execution systems are proving essential in a market landscape shaped by geopolitical pressures and raw material supply uncertainty.
SuperMetalPrice Commentary:
The LME’s Q2 2025 performance sends a clear signal to global metals traders: the exchange is regaining its footing. The resurgence of nickel and tin highlights renewed confidence in physically settled contracts and indicates strategic positioning by manufacturers anticipating long-term demand in EV and electronics sectors. While copper’s dip reflects regional pricing tensions, LME’s overall momentum underscores its resilience and adaptability in turbulent markets. Traders should monitor LME nickel and cobalt closely—these contracts appear poised for sustained growth into Q3 and beyond.
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