Total lots traded on the exchange rose 7.5% to 59,304,271 compared with the corresponding period last year while the average daily volume rose 8.1% to 478,260 lots.

Among the contracts showing the highest volume growth in 2010, copper futures and options trading grew 20.4% to 16,338,186 lots transacted in the first six months, while volumes of lead futures and options grew 30.5% to 3,826,307 lots.

Trading activity in the Exchange’s Mediterranean steel billet futures contract grew 385% to 57,606 lots ahead of the planned merger with the Far East steel billet contract due 28th July 2010.

In minor metals, trading in cobalt totalled 2,782 lots (2,782 tonnes / notional value = $112.8 million) while molybdenum saw 227 lots traded (1,362 tonnes / notional value = $50 million). Importantly several market participants cited the new contracts’ long-term appeal as global pricing benchmarks.

Martin Abbott, Chief Executive of the LME said, “In the first six months of 2010 we have handled a record amount of business and at the same time we have been investing heavily in systems and IT infrastructure so that we are primed for future growth. We have introduced the world’s first exchange-traded derivatives for minor metals in our cobalt and molybdenum contracts and we are also due to create a global benchmark for steel in merging our steel billet contracts this month. It has been a successful start to the year, but there is still much work to do. We are now looking forward to the introduction of OTC gold clearing later this year using the LMEsmart system as the gateway for trades from the OTC market into the LCH clearing system.”

~Ends~

For further information or to speak to an LME spokesperson, please contact:
Stephen White
Business Manager Corporate Affairs, LME
t. +44 (0)20 7264 1701 / +44 (0)7980 661 724
e. stephen.white@lme.com

John Parry
Rostron Parry
t. +44 207 490 8062
johnparry@rostronparry.com

About the London Metal Exchange

The London Metal Exchange is the world's premier base metals market. It offers metals price risk management tools including futures and options contracts for aluminium, copper, tin, nickel, zinc, lead, aluminium alloy and NASAAC, steel billet, plastics and the minor metals - cobalt and molybdenum. In 2009, the total value of trading was $7.41trillion, and the Exchange finished the year with 5.96m tonnes of material on warrant in 633 storage facilities across 39 locations globally.
http://www.lme.com/