BACK
22 March 2010
- One month since launch, more than USD36million worth of material traded
More than USD36million of cobalt and molybdenum has been traded in the first month since new futures were launched for these minor metals by the London Metal Exchange (LME) on 22nd February, 2010.
Key data points regarding the contracts follow:
Total cobalt volume traded: 436 lots / 436 tonnes (1 lot = 1 tonne)
Total value traded: USD17,962,600
Total moly volume traded: 77 lots / 462 tonnes (1 lot = 6 tonnes)
Total value traded: USD18,046,200
In total, 13 cobalt and molybdenum producers internationally have registered brands with the LME, including most recently, Russia’s Norilsk.
Consumers have also communicated intentions to use the LME’s minor metals prices as contract reference prices. Brazil’s Votorantim and China’s Jiangsu cobalt contracts with LN Metals are both being referenced against the LME contract. Others are expected to follow.
Chris Evans, Head of Business Development at the LME commented, “This is a promising start for both these metals and we’re confident these contracts have value for the industries they serve.”
~Ends~
For further information please go to http://www.lme.com/minormetals/index.asp or to speak to an LME spokesman, please contact:
Stephen White
Business Manager Corporate Affairs
t. +44 (0)20 7264 1701 / +44 (0)7980 661 724
e. stephen.white@lme.com
John Parry - RostronParry
t. +44 (0)207 490 8062 / +44 (0)7802 292251
e. john@rostronparry.com
|
