An unseasonably warm first week of November saw sentiment defrost at the LME Week in London as growing metal consumption and impacts of production cuts are expected to inject life into lacklustre markets next year.
Speculative interest buzzed around cobalt, with bullish forecasts projecting a $15-20/lb price bracket in the near-to-medium term as supply struggles to catch up with demand for rechargeable batteries for electric vehicles (EV) and energy storage. Buyers were out in the market for long-term contract supply, while several hundred tonnes of cobalt intermediate feedstock were contracted at an increased price ratio against cobalt metal.
This year some 10,000/t of cobalt supply has been taken out of the market through closures. More supply set to be lost through attrition as international electronics and battery manufacturers distance themselves from conditions highlighted by NGOs in artisanal mining in the Democratic Republic of Congo.
Artisanal mining has …
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Source: Metal Pages
WEEK IN REVIEW: Cobalt electrifies LME Week
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