LONDON (Reuters) – Tullett Prebon on Tuesday opened a new desk and team to trade CME’s cobalt, lithium and molybdenum, all materials that are critical for batteries used in electric vehicles and energy storage, the London-based commodities broker said.
The new team will be led by Londoner Jack Nathan, who previously worked at FIS. In Singapore, Nathan will be supported by Po Wei, who joins from JP Morgan, Tullett Prebon said in a press release.
CME cobalt volumes have grown rapidly over the past two years, and lithium volumes have increased in recent months. CME’s molybdenum production started in March last year.
“As electric vehicle (EV) demand fluctuates and battery metal production rapidly increases, clients have a growing need to manage price and exposure risks,” the broker said.
“Lesser-known molybdenum is an emerging battery metal that is predicted to play a key role in increasing battery electrical power, energy storage capacity, recharge speed and stability.”
Tullett currently trades base metals such as aluminum and zinc listed on the London Metal Exchange, gold, silver, platinum, palladium and rhodium.