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Key trades June 2, 2021: 120 tonnes (10 tonnes each month from January to December 2022, all at $21.45 per lb)
June 17, 2021: 240 tonnes (10 tonnes each month from January to December 2022, all at $22.95 per lb; 10 tonnes each month from January to December 2023, all at $24.15 per lb)
As of June 16, the contract had 1,110 open interests out to December 2023, compared with 915 tonnes on May 12.
Key drivers
Key quotes “We are very excited to see the activity in the cobalt futures market expand on a forward basis, with [2022] posting more open interest and [2023] seeing its first trade, which SCB was thrilled to broker on June 17. This growing interest from participants to mitigate price volatility outside of spot months, especially in thriving sectors such as the electric vehicle industry, confirms the importance of having an active financial futures contract that covers several years forward” – Robin Tisserand, battery raw materials broker, SCB Brokers
“Obviously, expectations for the cobalt price are increasing year-on-year, and that’s why we see a steady contango on the cobalt contract” – cobalt metal trader