The London Metal Exchange (LME) saw record volumes transacted in cobalt on Monday 19 December with 326 lots traded, the equivalent of $10 million. December is already the busiest month in 2011 for cobalt, with 933 lots transacted so far, the equivalent of $32.1 million. Market open interest is also at a record level for this year at 371 lots.
“The LME Cobalt contract has had a good year and we hope momentum continues 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.”
LME Cobalt now has 18 brands listed from nine countries. There are 15 warehouses listed for good delivery in four locations in four countries, with 431 tonnes delivered in and 390 tonnes delivered out up to the end of November 2011.
