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- Two new storage facilities listed by C. Steinweg NV
- New delivery location will be effective from 22nd October, 2010
The London Metal Exchange (LME) has approved Antwerp as the fourth delivery location for its cobalt contract, adding two new C. Steinweg NV storage facilities there, effective from 22nd October 2010.
The Exchange is expanding its network of approved locations for cobalt to support growth in the contract, which since launch on 22nd February 2010, has seen 4,759 lots traded (up to close of Monday, 6th September). The LME’s cobalt contract is currently deliverable to and from functioning storage facilities in Baltimore, Rotterdam, and Singapore.
Chris Evans, Head of Business Development, said, “Trading in minor metals at the LME has been healthy since launch, and the progress of cobalt has been particularly encouraging. Building our network of warehouses, as well as engaging more brands and attracting more users to the market, is central to affirming the LME’s cobalt contract as a credible tool for price risk management. Listing new storage facilities in Antwerp is another step in this process.”
