London Metal Exchange hits second highest trading volume in 2009

The London Metal Exchange (LME) hit the second highest trading volume in its history in 2009, according to the annual trading figures released on Friday. The LME trade volume achieved 111.9 million lots in 2009, equivalent to 2.57 billion tons with a notional value of 7.41 trillion U.S. dollars, down a modest 1 percent on 2008's record 113.2 million lots. Trading on aluminium, copper and zinc were again the three largest contracts by volume, with 49.7 million, 26.5 million and 16.6 million lots, respectively. Steel Mediterranean billet futures showed strong growth, ending with a total of more than 30,000 contracts in 2009, up 133 percent than the figure of 2008. Martin Abbott, LME Chief Executive, said that "2009 was a difficult year in the broader market as the recession affected both production and consumption of many raw materials." "After a record year in 2008, where volumes increased 22 percent, the LME has again proved itself a resilient and strong exchange with a sound global reputation as an efficient market," said Abbott. The LME, the world's premier non-ferrous metals market, offers futures and options contracts for aluminum, copper, nickel, tin, zinc, lead, aluminum alloy and a regional North American aluminum alloy contract. Source: Xinhua