LONDON The London Metal Exchange and Comex both saw record-breaking trading volumes in metal contracts in April, as the steepest drop in gold prices in 20 years prompted massive liquidation across other assets.
LME trading volumes for the month totalled 14.5 million lots breaking the previous record set in November 2012 by a narrow margin as average aluminum trading volumes jumped 14 percent year-on-year and copper increased 3 percent.
The jump in volumes came as copper prices fell by up to 11 percent, tracking even steeper falls in the gold market during the middle of the month.
Comex gold prices dropped by 15 percent over two days, breaking daily trading volume records in the process. Gold trading volumes hit 751,058 contracts April 15, breaking the previous record also set in November by 54 percent.
Comex copper trading volumes reached 173,037 contracts on the same day, up from the previous record of 128,326 contracts set in February, CME Group said after the rout.
Average daily metal trading volumes for April rose by 62 percent to reach a record 532,000 contracts traded per day, and the exchange also saw increases of 16 to 20 percent in energy, forex and equities volumes, it said May 1.