Canada puts its big miners off limits just as M&A is heating up
Foreign takeovers of mining companies have been a touchy topic ever since a wave of deals 18 years ago took out some of the country’s biggest players.
Futures and options average daily volumes on the London Metal Exchange (LME) hit a 10-year peak in the second quarter, jumping 27% year on year, the exchange said on Thursday.
Average daily volumes in the second quarter totalled 730,385 lots, its statement said.
The world’s oldest and largest market for industrial metals did not give a reason for the sharp rise, but copper volumes hit a record high in May on the back of speculative and fund buying.
Copper volumes were up 27%, but nickel led the way with a 77% surge in the quarter.
Nickel volumes have rebounded this year after languishing since a March 2022 price spike that caused the LME to suspend trading.
Total first-half average daily volumes on the exchange, which is owned by Hong Kong Exchanges and Clearing Ltd, were up 29% year on year.
(By Eric Onstad; Editing by David Goodman)
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