Overview
2025 was the LME’s strongest year ever for futures and options volumes. LME futures and options average daily volume (ADV) in 2025 reached 717,334 lots, up 7.9% on ADV in 2024. Quarterly ADV in Q4 was the highest on record averaging 777,016 lots each day; the previous high was set in Q2 2014 with 735,604 lots traded daily.
There were also significant quarterly volume advances for individual metals. LME Copper ADV in Q4 2025 was up by 44.3% over Q4 2024, and LME Nickel was up by 40.1%.
Matthew Chamberlain, LME CEO, said:
“2025 has seen the LME hit its highest ever annual volume, as market participants have increasingly turned to the LME to manage their price risk in this period of geopolitical uncertainty and supply tightness.
“We are excited about our 2026 initiatives, as we introduce a number of market structure modernisation measures such as block thresholds, while also working towards the launch of electronic options. I am grateful for the support of our users and look forward to the LME delivering increased transparency and deeper liquidity for the whole market over the coming 12 months.”
Annual volumes
|
|
ADV 2025 (lots) |
ADV 2024 (lots) |
Percentage change |
|
Total |
717,334 |
664,698 |
7.9% |
|
Aluminium |
268,048 |
262,390 |
2.2% |
|
Copper |
170,915 |
152,291 |
12.2% |
|
Zinc |
109,461 |
104,318 |
4.9% |
|
Nickel |
85,048 |
65,094 |
30.7% |
|
Lead |
72,186 |
68,565 |
5.3% |
|
Tin |
7,264 |
6,284 |
15.6% |
Quarterly volume highlights
- LME Aluminium was up 11.6% on Q4 2024 and reached its third highest quarterly ADV since Q2 2014.
- LME Copper saw its highest quarter since Q2 2013 and was up by 44.3% over Q4 2024.
- LME Zinc reached its highest quarterly volume since Q2 2019 and was up by 17.7% over Q4 2024.
- LME Nickel was up 40.1% over Q4 2024 and reached its second highest quarterly ADV on record.
- LME Lead reached its highest ever quarterly ADV with volume up by 22.8% over Q4 2024.
- LME Tin saw its highest quarterly volume since 2014 with ADV up by 23.4% over Q4 2024.
- LME Cobalt grew significantly over the year, with an ADV of 227 lots in Q4 2025 compared with 9 lots in Q4 2024.
- Trading in LME Aluminium and LME Copper options contracts doubled over Q4 2024.
Open interest
- LME futures open interest was up by 14.8% y/y, after peaking at 2.09 million lots in December, and the highest level since the beginning of 2021. LME Copper, Nickel and Lead saw futures open interest rise between 25% and 30% y/y.
- LME Copper futures open interest rose to its highest level since 2020 with 430,856 lots held in December.
- LME Lead futures open interest passed 214,000 lots in December for the first time since 2012.
- LME Nickel futures open interest exceeded 318,000 lots in December for the first time since 2020.
- LME Tin futures open interest reached its highest level since 2014 in December.
More LME volumes data can be found here.
NB: Trading data excludes UNA trades.
Sustainability and physical market data highlights
- Brand listings: 14 new brands were listed on the LME in 2025. Of these, six were for lead, four were for copper, three were for nickel and one was for cobalt.
- LMEpassport – sustainability disclosures:
o At the end of 2025 there were 2,226 sustainability disclosures, up from under one thousand disclosures at the end of December 2024.
o 57 different sustainability certifications and disclosures are supported by the platform.
- LMEpassport – certificates of analysis (CoAs):
- The total number of electronic CoA records reached 12.4 million as of December 2025, up from 5.4 million at the end of 2024. Of these, 10.4 million (84%) were enhanced CoAs, which have been produced digitally at the point of production.
