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LME Group
LME volumes 10 percent up so far in 2010, 30 percent jump in May - CEO
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Istanbul, 31 May 2010 - Turnovers on the London Metal Exchange (LME), the world's largest non-ferrous metals market, so far this year are ahead of comparative 2009 levels, with a big jump seen in volume last month, exchange CEO Martin Abbott said on Monday.

"2010 is higher than 2009 and 2008...we are 10 percent up on 2009," the LME CEO said at the BIR Convention here.

In 2009, the LME traded a total of 112 million lots, equal to 2.6 billion tonnes of material worth $7.4 trillion in value.

The last month on the LME - May 2010 - has seen a volume surge caused by the crisis in the eurozone and fears of sovereign debt contagion.

"The turnover in May 2010 was 30 percent higher than in (the same month) in 2009," Abbott said.

"Although we are for the large part providing a paper market there is an underlying physical market."

That ensures that physical delivery can be made and metal taken, meaning that the price reflects the industry's needs.
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