LME volumes hit 10-year high in second quarter, led by nickel
Adds detail and background from 2nd paragraph
LONDON, July 4 (Reuters) -Futures and options average daily volumes on the London Metal Exchange (LME) hit a 10-year peak in the second quarter, jumping 27% year on year, the exchange said on Thursday.
Average daily volumes in the second quarter totalled 730,385 lots, its statement said.
The world's oldest and largest market for industrial metals did not give a reason for the sharp rise, but copper volumes hit a record high in May on the back of speculative and fund buying.
Copper volumes were up 27%, but nickel led the way with a 77% surge in the quarter.
Nickel volumes have rebounded this year after languishing since a March 2022 price spike that caused the LME to suspend trading.
Total first-half average daily volumes on the exchange, which is owned by Hong Kong Exchanges and Clearing Ltd 0388.HK, were up 29% year on year.
Reporting by Eric Onstad
Editing by David Goodman
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
