At 08:31 GMT on 21 May, one lot (six tonnes) of three-month molybdenum was traded on LMEselect at a price of USD36,000 per tonne, taking the total amount of minor metals traded at the London Metal Exchange past the USD100m mark.
This milestone has been reached in just under three months since the exchange launched the world’s first exchange-traded futures contracts for cobalt and molybdenum on 22 February this year.
Chris Evans, head of business development at LME, says: “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.”
