Global – The London Metal Exchange (LME) has reported record volume transactions for both April and May: some 14 597 723 lots were traded in May, bettering the high mark of 14 517 213 lots set in April.
Aluminium volumes increased 7% in May compared to the same month last year, while copper registered an increase of 10%, zinc of 13% and nickel of 19%. Cobalt enjoyed the largest growth, with May volumes up 30% from the corresponding month in 2012. Last year, a total of 3.7 billion tonnes and US$ 14.5 trillion were traded in notional value terms.
Last week, the LME launched a shorter pricing period for its Asian benchmark prices in response to growth in Asian trading on the Exchange’s electronic platform, LMEselect. ‘The new five-minute pricing window, reduced from 15 minutes, focuses on liquidity and enhances the price discovery process’, the LME states.
In addition, it was revealed that Martin Abbott has tendered his resignation from the HKEx group. Abbott, who is HKEx’s co-head of global markets and the LME’s chief executive, has agreed to stay in his current positions until the end of this year ‘in order to facilitate a smooth and orderly transition’.
He comments: ‘I am very proud to have led the LME during a period of great progress for the exchange. When we agreed the sale of the LME to HKEx last year, I made a commitment to stay on as long as necessary to ensure a smooth transition. The integration has now reached the point where I am able to think about my own plans for the future, in the confidence that the LME is in very good hands.’
For more information, visit www.lme.com
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