July 13 2011 –
LME Cobalt and Molybdenum surpass 10,500 lots traded
* Notional $542 million traded since launch
* New reference point for industry established
The London Metal Exchange (LME) has seen 10,542 lots traded (14,337 tonnes) of cobalt and molybdenum since launching the contracts last year. Together they have traded a notional equivalent of more than $542 million since launch.
In the first half of 2011 LME Cobalt traded 2,971 tonnes, up 6.8 per cent compared with the corresponding period last year (2,782 tonnes). LME Molybdenum traded 1,494 tonnes, up 9.7 per cent (1,362 tonnes).
Chris Evans, Head of Business Development at the LME, commented: “The steady increase in the volumes traded and the deliveries in and out of LME approved warehouses illustrates that our minor metals contracts are becoming a crucial reference point in the industry. With 12 members now regularly trading cobalt and molybdenum we are looking forward to growing the contracts further over the coming months.”
There are currently 13 brands listed for LME Cobalt and seven for LME Molybdenum. Cobalt and molybdenum are now authorised for storage in four locations in four countries, with 12 warehouses listed in total.
LME stock movements for minor metals in the first half of 2011 indicate an active physical market, with 314 tonnes of LME Cobalt delivered in and 343 tonnes delivered out. 60 tonnes of LME Molybdenum were delivered into warehouse and 78 tonnes delivered out.
For further information or to speak to an LME spokesperson, please contact:
Miriam Heywood – Press Officer
t. +44 (0)207 264 5538 e. firstname.lastname@example.org