LME Metals Daily Digest — 8 October 2025

Subject: LME Markets Digest — 9 October 2025

Key Statistics & Moves

LME Index: 4,544.60 (+0.83%) Investing.com

Volume & Activity: In Q1 2025, LME daily average volumes rose 5.9% to ~698,209 lots. Reuters

Nickel recovery: After its 2022 crisis, nickel volumes recovered strongly — in 2024 LME saw 58.8% growth in nickel volumes. Reuters

Tariff-driven surge: The LME recorded its highest volumes since 2014 amid market disruption following new U.S. tariffs. Reuters

Market Themes & Insights

Elevated volume is being driven by both physical flows and speculative / hedging activity.

The LME is benefiting from volatility — participants are rotating between metals as trade policy and supply shocks reverberate.

Nickel’s rebound is particularly noteworthy, showing renewed confidence and liquidity.

Spread and prompt-date movements (3M vs cash, Warrants, etc.) are becoming more active indicators of tightness in base metal markets.

What to Watch Tomorrow

Daily LME stock / warehouse report changes

Any news from LME about market reforms or structural changes

Price behavior of spread contracts (3M vs cash)

Volume shifts in key metals: copper, aluminium, nickel, zinc