Metal rally lifts LME stress losses to record levels

- By Joshua Walker
- 02 Apr 2026

LME Clear recorded sharp increases in stress losses and liquidity risk in the fourth quarter of 2025, as surging metal prices and trading volumes drove exposures higher.

The peak stress loss above initial margin stemming from the default of a single clearing member reached $1.7 billion, double the $836 million reported in the previous quarter and well above the prior record of $1.1 billion from Q4

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to print this content. Please contact info@risk.net to find out more.

You are currently unable to copy this content. Please contact info@risk.net to find out more.

As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.

If you would like to purchase additional rights please email info@risk.net

You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.

If you would like to purchase additional rights please email info@risk.net