The London Metal Exchange (LME) has approved Antwerp as the fourth delivery location for its cobalt contract, adding two new C. Steinweg NV storage facilities there, effective from 22nd October 2010.

The Exchange is expanding its network of approved locations for cobalt to support growth in the contract, which since launch on 22nd February 2010, has seen 4,759 lots traded (up to close of Monday, 6th September). The LME’s cobalt contract is currently deliverable to and from functioning storage facilities in Baltimore, Rotterdam, and Singapore.

Chris Evans, Head of Business Development, said, “Trading in minor metals at the LME has been healthy since launch, and the progress of cobalt has been particularly encouraging. Building our network of warehouses, as well as engaging more brands and attracting more users to the market, is central to affirming the LME’s cobalt contract as a credible tool for price risk management. Listing new storage facilities in Antwerp is another step in this process.”

For further information or to speak to an LME spokesperson, 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

About the London Metal Exchange

The London Metal Exchange is the world's premier base metals market. It offers metals price risk management tools including futures and options contracts for aluminium, copper, tin, nickel, zinc, lead, aluminium alloy and NASAAC, steel billet, plastics and the minor metals - cobalt and molybdenum. In 2009, the total value of trading was $7.41trillion, and the Exchange finished the year with 5.96m tonnes of material on warrant in 633 storage facilities across 39 locations globally.
http://www.lme.com/