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Making the grade in cobalt

March 08, 2010 - 00:00 GMT

Issues of grade availability and deliverability to the London Metal Exchange created interesting challenges pricing the physical spot market last week as outright forward trades went on at the exchange, mostly in volumes of one, two or three lots. Glencore International sold to a variety of consumers at $17.25 per lb at the same time as three-month prices on the LME for the most part traded at higher levels. In the official session on March 5, cobalt for delivery in three months settled at $39,000-40,000 per tonne ($17.69-18.12 per lb). MB’s low-grade metal price was at $17.25-19 per lb, having fallen earlier in the week from $17.50-19.25 per lb. Responses from traders to this apparent...

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.

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