FOi news in brief, March 30 2010

LME issues first cobalt warrants The London Metal Exchange has issued the first warrants based on its new cobalt contracts. The warrants for five tonnes of cobalt were issued late last week in Rotterdam. This marks the first such material to be placed on warrant since the launch of LME’s minor metals futures on February 22.A warrant provides a buyer with proof of ownership of metal which is stored in an LME warehouse. Cash trading for the minor metals contracts will begin on May 19.“For the contract to be successful the market needs to be comfortable delivering cobalt onto LME warrant...