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Bloomberg introduces new lithium and cobalt indices to be listed on the COMEX

Bloomberg Index Services (BIS) has announced the introduction of new commodity market indices that will track the performance of lithium and cobalt futures contracts.

The single-commodity indices will be designated BCOMLM and BCOMLMT for lithium and BCOMCB and BCOMCBT for cobalt. BCOM stands for Bloomberg Commodity Index, a type of broadly-diversified commodities price index published by BIS. The indices will be listed on COMEX, a division of the Chicago Mercantile Exchange.

A commodity price index is a fixed-weight index or weighted average of selected commodity prices. The index can be based on either spot or futures prices and is intended to be representative of either a broad commodity class or a specific subset of commodities, such as metals or energy.

The new indices will use pricing from Fastmarkets. a commodity price reporting agency and information provider that serves the agriculture, forest products, metals and mining, and energy markets.

Cobalt futures prices varied from $27,000 to $82,000 per metric ton between August 2019 and May 2024, according to S&P Global Commodity Insights data, and more recently have fallen because of oversupply and lower cobalt content in new battery designs. Meanwhile, lithium prices plunged below $13,000 per metric ton in June 2024, the lowest in the last 35 months, according to S&P Global Commodity Insights data.

Source: Fastmarkets

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