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BACK
09 February 2010
The LME is pleased to announce that a second long-term physical cobalt contract has been finalised incorporating an LME pricing formula.
Jiangsu Cobalt Nickel Metal Co Ltd has agreed a long-term sales contract with LN Metals International Ltd for its 2010 export quota of the company’s KLK brand cobalt metal which received LME brand registration on 29th January, 2010.
For a terminal market contract to gain traction physical material has to be priced basis the exchange formula. Jiangsu’s decision is a further significant development and reflects keen interest in the physical industry to take advantage of LME pricing and the Exchange’s other services.
Others producers that that have obtained LME registration include Jinchaun Group, Sumitomo Metal Mining Co, Votorantim, Kasese, Norilsk Nickel and Vale Inco.
The LME cobalt futures contract begins trading on February 22nd, 2010.
~Ends~
For full details of the contracts, please visit www.lme.com/minormetals or contact:
Stephen White
Business Manager Corporate Affairs, LME
t. +44 (0)20 7264 1701 / +44 (0)7980 661 724
e. stephen.white@lme.com
Chris Evans
Business Manager for Minor Metals, LME
t. +44 (0)207 264 1735
e. chris.evans@lme.com
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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/
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