UNITED KINGDOM May 11 2017 3:10 PM
LONDON (Scrap Register): Total trading volume in the London exchange decreased in the first quarter of 2017 to 1.5 percent to 38.86 million tons from previous year, as per Hong Kong Exchanges and Clearing.
The trading days in first quarter of 2017 was 2 days more than the first quarter in 2016 which is 64 trading days. The average trading volume of the LME was seen to decreased 4.6 percent year on year to 607251 lots in first quarter of 2017.
The average daily turnover of nickel contract was totaled at 82395 lots, an increase of 1.7 percent during January to March this year, zinc contract also increased 3.4 percent to 108810 lots.
During the first quarter of 2017, the revenue of LME was seen to decline by about percent year on year to HK$369 million. The reason for the fall in revenue is considered to be by an 11% yearly slip in trading fees due to a 4.6% decline in average daily volume of metals contracts traded, fee reductions for short-dated carry trades, a position transfer fee cap effective since last September, and increased incentive rebates.