Some rare earth minerals have traded using futures contracts on the London Metal Exchange, but the industry hasn’t fully accepted them, highlighting the newness of this market and its exchange traded fund (ETF).

Minor metals are generating a following, however, the metals have a way to go before they can attract a large following. Michael Hadden for The Wall Street Journal reports that minor metals contracts won’t be used as a pricing mechanism for some time, market. Minor metals generally center around the physical market, but this new interest could change that – just not now. [Minor Metals ETF Generates Major Interest.]

Though this doesn’t directly impact Market Vectors Rare Earth/Strategic Metals ETF (NYSEArca: REMX), which holds stock of minor metal producers, but it underscores the changing landscape in this industry.

The contracts are the first time cobalt and molybdenum have been traded on an exchange, but take-up has been slow since their introduction in February. Meanwhile, Jesse Emspak for International Business Times reports that the U.S. has supplies of the elements, it does not have any existing mining operations and won’t have them until 2012 at the earliest. [Van Eck Launches First Minor Metals ETF.]

Tisha Guerrero contributed to this article.

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