LME Primary aluminium remained the most actively traded contract in 2012

Traded volumes of futures and options on the London Metal Exchange rose 9% in 2012 as a 10.6% rise in futures turnover offset a 19.1% drop in options. But while primary aluminium remained the most actively traded contract, its volume edged down 2% year on year, according to figures released by the exchange Tuesday.

Total futures and option turnover on the LME reached 159,719,881 lots in 2012, up from 146,597,545 lots in 2011.

Lot sizes on the LME vary from contract to contract, as follows: aluminium alloy and North American aluminium alloy, 20 mt; nickel, 6 mt; molybdenum, 6 mt; tin, 5 mt; cobalt, 1 mt; steel billet, 65 mt; all other metals, 25 mt.

Turnover of primary aluminium dipped to 61,593,410 lots from 62,820,825 lots the previous year, while copper turnover was up 1.5% to 38,496,950 lots from 37,932,810 lots.

In contrast, turnovers of zinc, lead and nickel saw sharp increases last year. Zinc was up 32.9% at 30,523,535 lots, with lead up 30.5% at 14,513,966 lots and nickel up 36.8% at 11,346,450 lots.

Turnover in tin was down 3% at 1,860,828 lots, while the two aluminium alloy contracts were also down, with standard alloy turnover 0.9% lower at 606,102 lots and North American alloy down 14.1% at 604,553 lots.

The minor metals contracts saw contrasting fortunes. Futures and options turnover in cobalt more than doubled from 2011, up 102.1% to 13,291 lots, but molybdenum was down 10.1% at 461 lots.

The LME's Mediterranean/Global steel billet contract saw turnover slump 34% to 144,724 lots.