LONDON (Reuters) - Tullett Prebon on Tuesday launched a new desk and team to trade CME cobalt, lithium and molybdenum, all materials crucial for batteries used in electric vehicles and energy storage, the London-based commodities broker said.
The new team will be led by London-based Jack Nathan, previously at FIS. Nathan will be supported by Po Wei in Singapore, who joins from JP Morgan, Tullett Prebon said in a release.
Cobalt volumes on the CME have been growing quickly over the last two years, while those for lithium have picked up in recent months. CME molybdenum was launched in March last year.
"With demand for electric vehicles (EV) fluctuating, and the production of battery metals rising rapidly, clients have a growing need to manage price risk and exposure," the broker said.
"Less well known, Molybdenum is an emerging battery metal that is predicted to play a key role in increasing batteries’ electrical power, energy storage capacity, recharging speed, and stability."
Tullett currently trades base metals such as copper, aluminium and zinc listed on the London Metal Exchange, gold, silver, platinum, palladium and rhodium.
(Reporting by Pratima Desai; Editing by Mark Potter)
