London Metal Exchange Trading in First Half Climbs Almost 8% to a Record

London Metal Exchange trading was a record in the first six months this year, led by gains in lead.

Total trading was 59.3 million contracts, up almost 8 percent from the first half of 2009, the LME said in a statement today. Lead futures and options trading climbed 31 percent to 3.8 million lots and copper trading rose 20 percent to 16.3 million futures and options.

The LME plans to create a global steel contract tomorrow from the merger of its Far East and Mediterranean steel billet futures contracts and plans to start a clearing service with LCH.Clearnet Ltd. to trade gold over-the-counter later this year, the LME said in the statement. Since their introduction in February, molybdenum trading totaled 1,362 tons valued at $50 million and cobalt came to 2,782 tons valued at $112.8 million, the LME said.

To contact the reporter on this story: Anna Stablum in London at astablum@bloomberg.net

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