LME’s cobalt and moly contracts hit $1.0 billion notional

London, 15 August 2012

The London Metal Exchange (LME) minor metals contracts have reached $1.0 billion in notional turnover. Cobalt and molybdenum have traded 7,748 lots so far in 2012, (equivalent of $291 million) with a total of 22,161 lots traded since launch (equivalent of $1.0 billion).

LME Cobalt volumes surged 91% in 2012 (January-July) compared with the corresponding period last year. Cobalt also reached record market open interest in March 2012 at 619 lots. LME Molybdenum volumes also increased 9% in 2012, with 310 lots traded from January to July 2012.

“LME Cobalt volumes have been steadily growing in 2012”,” said Chris Evans, head of business development at the LME. “Industry now has a daily, transparent price and can use the contract to make or take physical delivery or to manage its price risk.”

The LME’s minor metals contracts now have 28 brands listed from 13 countries. There are 14 warehouses listed for good delivery in 4 locations in 4 countries, with 198 tonnes delivered in and 158 tonnes delivered out up to the end of July 2012.

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