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LME issues first cobalt warrants
13 May 2010
The London Metal Exchange has issued the first warrants based on its new cobalt contracts, introduced on February 22.
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LME
cobalt
warrant
minor metals
The five-tonne warrants were issued in Rotterdam. A
holder of a long contract that is not closed out before delivery receives an LME
warrant. This proves ownership of metal stored in an LME warehouse.
Cash trading for the minor metals contracts will begin
on May 19.
“For the contract to be successful the market needs to
be comfortable delivering cobalt on to LME warrant and taking it off warrant.
This is the first step in that process,” said Chris Evans, the LME’s head of
business development.