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Bloomberg Index Companies (BIS) has introduced the introduction of recent commodity market indices that may observe the efficiency of lithium and cobalt futures contracts.
The one-commodity indices might be designated BCOMLM and BCOMLMT for lithium and BCOMCB and BCOMCBT for cobalt. BCOM stands for Bloomberg Commodity Index, a kind of broadly-diversified commodities worth index printed by BIS. The indices might be listed on COMEX, a division of the Chicago Mercantile Change.
A commodity worth index is a fixed-weight index or weighted common of chosen commodity costs. The index will be primarily based on both spot or futures costs and is meant to be consultant of both a broad commodity class or a selected subset of commodities, akin to metals or power.
The brand new indices will use pricing from Fastmarkets. a commodity worth reporting company and data supplier that serves the agriculture, forest merchandise, metals and mining, and power markets.
Cobalt futures costs diversified from $27,000 to $82,000 per metric ton between August 2019 and Could 2024, based on S&P International Commodity Insights information, and extra just lately have fallen due to oversupply and decrease cobalt content material in new battery designs. In the meantime, lithium costs plunged under $13,000 per metric ton in June 2024, the bottom within the final 35 months, based on S&P International Commodity Insights information.
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