When a material is magnetized (for example, by placing it in an external magnetic field), the electrons remain bound to their respective atoms, but behave as if they were orbiting the nucleus in a particular direction, creating a microscopic current. When the currents from all these atoms are put together, they create the same effect as a macroscopic current, circulating perpetually around the magnetized object. This magnetization current JM is one contribution to "bound current". 