Record open interest in LME Cobalt marks two-year anniversary of minor metals contracts
Market open interest in LME Cobalt reaches record 544 lots in February 2012
LME Cobalt traded 14,574 lots since launch, equivalent of $540 million
LME Molybdenum traded 1,103 lots since launch, equivalent of $227 million
The London Metal Exchange (LME) announces record market open interest in LME Cobalt two years after the launch of its minor metals contracts. LME Cobalt volumes remained strong in 2011, with 14,574 lots traded since launch, the equivalent of $540 million. LME Molybdenum traded 1,103 lots (6,618 tonnes), the equivalent of $227 million over the same period.
Brand registration for both metals has also been good, with a new application from Chinese cobalt producer Yhu 9995 awaiting approval. A total of 18 cobalt brands and eight molybdenum brands have been registered since launch, from 13 countries.
The minor metals contracts have had another strong year, particularly LME Cobalt which reached record volumes in December, said Chris Evans, Head of Business Development at the LME. We hope volumes and liquidity will develop further over the coming months as market users increasingly value our transparent pricing and risk management solutions.
The minor metals have also seen active stock deliveries for both contracts in and out of LME-approved warehouses. There are 14 warehouses listed for good delivery in four locations in four countries. A total of 1,748 tonnes of cobalt stock have turned over since launch, with 1,022 delivered in and 726 tonnes delivered out. Over the same period, 612 tonnes of LME Molybdenum stocks turned over, with 444 tonnes delivered in and 168 tonnes delivered out.
Miriam Heywood | Press Officer
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