The total value of minor metals traded at the London Metal Exchange has passed the USD$100m mark. This milestone has been reached in just under 3 months following the Exchange’s launch of the world’s first exchange-traded futures contracts for cobalt and molybdenum on 22nd February.
Chris Evans, Head of Business Development, said, “This is an important milestone for the contracts. It’s been an encouraging start to trading in the soft-launch phase of the contracts and now that cash trading has begun, we hope to maintain progress.”
Cobalt has many applications such as the production of catalysts, batteries, chemicals, alloys and dyes. Molybdenum is widely used as an alloy agent in steel and stainless steel.
