Molybdenum futures traded for first time on London Metal Exchange

Monday, 22 February 2010 17:15:08 (GMT+2)

The London Metal Exchange (LME) launched the world's first on-exchange molybdenum futures on February 22 and has already witnessed the first cleared trades for the metal.

An LME press release said that one lot of molybdenum was traded three months forward at 08.30 GMT with a traded price of $35,000/mt.

Molybdenum is widely used as an alloy agent in stainless steel. It is also used to manufacture aircraft parts and industrial motors.       

The LME also launched the world's first on-exchange cobalt futures on the same day and cleared a few trades for it.

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