AIM listing NOW, please..?Interesting timing for HBK..
https://www.bloomberg.com/apps/news?pid=20601082&sid=aBvNhxX5gA3c&refer=canada
London Metal Exchange Will Trade Molybdenum, Cobalt (Update1)
By Chanyaporn Chanjaroen and Claudia Carpenter
Sept.4 (Bloomberg) -- The London Metal Exchange will start trading cobaltand molybdenum futures next year, offering manufacturers of iPods,laptops and steel products protection from price swings through anexchange for the first time.
The board approved bothcontracts at a meeting today, a person with knowledge of the mattersaid. The contracts will begin in the second half, said the person, whocan't be identified because the exchange hasn't made the informationpublic. The LME is the world's largest marketplace for copper.
``It'sgreat -- it will help guys like us get involved in such an importantmetal like cobalt,'' Lars Steffensen, managing director of commodityhedge fund Ebullio Capital Management LLP, said by phone fromSouthend-on-Sea, England. ``We'll start trading anything the LME offersonce there's enough liquidity.''
Molybdenum, producedalongside copper, is used to toughen steel. Cobalt, used inrechargeable batteries, is a byproduct of nickel production. Prices forboth metals have jumped in the last several years because of risingdemand for steel and mobile electronic devices.
Cobalt roseto a record $52.25 a pound in March, and was $33.75 a pound on Sept. 2,according to a cobalt sales Web site from BHP Billiton Ltd., theworld's largest mining company. The European Union price of molybdenumoxide is $34 a pound, according to Metal Bulletin. Prices reached arecord $40 in 2005.
``I'm absolutely in favor of a cobaltcontract,'' said Derek Benham, president of New York-based BenMet NY,in a phone interview from Manchester, England, yesterday. Benham saidhe has traded cobalt for 20 years, and ``it's a lot easier with afutures market because you have inventories and you would be able tohedge just like any other metal on the LME.''