Trading activity on the London Metal Exchange spiked up heavily in the first quarter of 2026, with volumes hitting record levels across key metals like aluminium.

The exchange reported that overall average daily volume rose by more than 25 per cent year-on-year, marking its strongest quarter on record. Compared with the prior record quarter, volumes increased by 13 per cent.

Aluminium was among the standout performers, alongside copper, nickel and lead, all of which posted new quarterly highs. Growth varied across metals, with increases ranging from 14 per cent for lead to as much as 140 per cent for nickel.

“Over the quarter, LME [saw] three of its top five most busy days in terms of volume,” the exchange noted, reflecting heightened trading activity during the period.

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LME CEO Matthew Chamberlain said, “As the figures show, this has been another record quarter for the LME, with new highs for overall ADV, and for many of our core metals.” He added that the market continues to play a key role in helping participants manage ongoing geopolitical uncertainty.

“Strong volumes reflect market conditions, but they also mark the beginning of a new phase of growth driven by our electronic market enhancements,” Chamberlain said.

At the same time, the Shanghai Futures Exchange (SHFE) has confirmed that overseas investors will be able to trade its nickel futures and options from April 21, 2026 , a move aimed at increasing global participation and liquidity.

According to John Browning of Bands Financial Ltd., this is part of a broader push to internationalise China’s futures market and strengthen its pricing influence, particularly in commodities where Asia plays a central role.

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At the same time, the CME Group is seeking approval to establish aluminium warehouses in Taiwan and Hong Kong to strengthen its Comex aluminium contract in Asia.

Writes Browning added, “SHFE says the aim is to serve the global nickel industry chain, improve market liquidity and strengthen SHFE pricing adoption in a commodity where Asia is central.”

Browning said that the move is significant considering that Hong Kong has only recently been approved as a delivery location by the LME, meaning that competition in the region is growing. 

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