The London Metal Exchange launched the world’s first on-exchange cobalt and molybdenum futures today and has already witnessed the first cleared trades for both metals.
One lot of molybdenum was traded three months forward at 08:30 GMT with a traded price of $35,000 per tonne. Cobalt, meanwhile, has seen several trades with two lots traded at 08:35 GMT for the 21 July at $43,650 per tonne, two lots at 08:45 GMT for 16 June at $43,650 per tonne, one lot at 08:56 for the 21 May at $41,800 per tonne, and one lot at 09:54 traded three months forward at $39,650 per tonne.
Cobalt has many applications such as the production of catalysts, batteries, chemicals, alloys and dyes. Molybdenum is widely used as an alloy agent in stainless steel. It is also used to manufacture aircraft parts and industrial motors.
