LME will list cobalt and molybdenum
Cobalt from Vale Inco is registered
Tom Stundza -- Purchasing, 10/7/2009 3:07:11 PM
The London Metal Exchange will list cobalt metal from Vale Inco in Canada for delivery when the futures contract is launched early next year. The LME, the world's leading exchange for nonferrous metals trading, plans to launch cobalt and molybdenum contracts on Feb. 22, 2010.
"Registering brands is a crucial element to the contract launch and it's a positive sign that producers in both industries are participating in the process," Liz Milan, the LME's commercial director, tells Reuters. Cobalt-bearing superalloys are used in aerospace and cobalt batteries are used in hybrid cars.
Vale Inco is a subsidiary of Brazil's Vale, the second largest mining company in the world. Vale bought Inco (formerly International Nickel Co.) in 2006. The big Canadian miner produces nickel, copper, and precious metals.
Material stored in LME warehouses must be of an LME-approved brand or the production of an LME-approved producer, conforming to specifications covering quality, shape and weight. "The LME's physical operations department is also assessing a number of applications from other producers in both the molybdenum and cobalt industries," the exchange said in a statement.
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