The London Metal Exchange plans to launch a contract for cobalt sulphate, used in electric-vehicle batteries, within two years, said CEO Matt Chamberlain. Since 2010, LME has had a contract for physically settled refined metal, often used in superalloys that go into jet engines. “There is room in the market for two parallel contracts", Chamberlain said. "One for cobalt metal and the first a chemical, so probably cobalt sulphate. A good proportion of those who have announced electric vehicle projects have expressed a desire to be involved."
The London Metal Exchange plans to launch a contract for cobalt sulphate, used in electric-vehicle batteries, within two years, said CEO Matt Chamberlain. Since 2010, LME has had a contract for physically settled refined metal, often used in superalloys that go into jet engines. “There is room in the market for two parallel contracts", Chamberlain said. "One for cobalt metal and the second a chemical, so probably cobalt sulphate. A good proportion of those who have announced electric vehicle projects have expressed a desire to be involved."