London Metal Exchange (LME), the world?s premier exchange for base metals, steel billet and plastics, has registered strong growth in all its traded contracts during the first six months of 2009.
Total lots traded on the exchange rose 1.8% to 5.51 crore compared to the same period last year while daily average volumes rose 2.6% to 4,45 lakh lots, according to statement issued by LME.
Among the contracts showing the highest volume growth in 2009, tin futures and options volume grew 71.6% to 13.16 lakh lots traded in the first six months of 2009, while nickel volumes grew 19.4% to 30.85 lakh lots and copper grade A grew 3.3% to 1.36 crore lots over the same period.
Futures and options volumes in primary HG Aluminium, the exchange?s largest contract, were slightly down to 2.51 lakh lots ? representing a contraction of 2.8%.
Martin Abbott, chief executive of the LME comments, ?The LME is proving to be an attractive place to do business during the downturn with continued growth in trading volumes despite tough market conditions. Our core non-ferrous metals contracts continue to grow and we are also seeing encouraging volumes in our new products ? particularly in the extended prompt date offerings and in the Mediterranean steel billet contract.?
The Exchange also registered strong growth in trading of its extended prompt dates launched last September where high grade primary aluminium and copper grade A contracts were extended from 63 months to 123 months (ten years), special high grade zinc and primary nickel from 27 months to 63 months (five years), and standard lead from 15 months to 63 months (five years).
In total, 1.53 lakh lots of the new extended prompt dates were traded between January and June, release said.
Going strong
•Total lots traded on the exchange rose 1.8% to 5.51 crore
•Nickel volumes grew 19.4% to 30.85 lakh lots
•Copper grade A grew 3.3% to 1.36crore lots
•Futures, options volumes in primary HG aluminium were down
•In total, 1.53 lakh lots of the new extended prompt dates were traded