Transactions with cobalt and molybdenum from its launch on February 22 this year, the contracts for these non-ferrous metals has grown both in terms of supply, and open positions, «- said in a press release of the LME.
As of August 20 on the LME 4,047 lots of cobalt were sold, which is equivalent to the same number of non-ferrous metal in tonnage or $ 161 million in cash. Molybdenum sales totaled 321 Lot or 1,926 thousand. t and $ 69 million in physical and monetary terms, respectively.
To date, nine on the LME registered brands of cobalt (including company Vale Inco, Norilsk Nickel and Votorantim), and seven of molybdenum (including from Molymet, Molymex iChina Molybdenum).
«This is a very promising start for a small non-ferrous metals traded on the LME. Liquidity development takes time, and the past six months have laid a good foundation to build brands, build storage networks and bringing to market a larger number of users requiring price transparency, risk management and benefit from contracts trade «, — said Chris Evans (Chris Evans), development director of LME business.