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They both have the power to manipulate magnetism. The question is who's magnetism is more powerful? So who do you think wins?

Magneto he has done more with his power than cosmic boy has

Something tells me Mags has more experience here. He wins.

Is it Pre-Crisis, because the LOSH were insane in the Silver Age

Even if it were PC CB, Magento would still win. CB was doing some crazy stuff, but not on the level of Mags.