Summa Silver Corp. (TSXV: SSVR, OTC: SSVRF, FRA: 48X)
Silver Lives Here
The London Metal Exchange (LME), the world’s largest and oldest metals trading platform, saw its average daily trading volume reach nearly 665,000 lots in 2024, with nickel trading volumes surging by 59%. The LME had suspended nickel trading after a price spike in March 2022, which had led to stagnation in trading volumes.
Matthew Chamberlain, CEO of the LME, stated in a press release: “2024 has been a year of rapid progress for the LME, as evidenced by the increase in market trading volumes. Nickel prices have rebounded to levels seen in 2021, and our ferrous products are performing well as more companies manage their risk exposures through LME contracts.”
In 2024, the average daily volume (ADV) for LME futures and options grew by 18.2% compared to 2023, marking the fourth-highest annual ADV on record. The ADV for nickel contracts saw a significant increase in 2023, and the activity for LME tin contracts also rose by nearly 26% last year.
While the rebound in nickel was a focal point, aluminum and copper contracts remained the most active in 2024. These metals garnered more attention in 2024 compared to the previous year.
In 2024, aluminum’s ADV exceeded 260,000 lots, reflecting a 15.8% increase from the previous year, while copper’s ADV surpassed 150,000 lots, marking a 10% rise compared to 2023. Zinc trading maintained a strong position, ranking third in activity behind copper and ahead of nickel. The ADV for both zinc and lead rose by over 15% compared to the previous year.
Sustainability disclosures on the LMEPassport platform—potentially impacting recycling—also showed double-digit growth in 2024. According to LME, by December 2024, over 265 brands had disclosed sustainability metrics, a 20% increase compared to October 2023. The exchange reported a total of “692 sustainability disclosures, a 43% increase from October 2023 to December 2024.”
Chamberlain concluded, “Thanks to the support from our users, I believe the LME enters 2025 in a strong position.”
