Amid a mostly flat summer market landscape, cobalt stood out this week, having gained 50¢-$1/lb to reach a eight-month high in mostly inter-trade spot business, underpinned by forward consumer demand and investment interest.
The week ended up on a high note for the metal, due to conclude with the opening ceremony at Tesla’s Gigafactory in Nevada ahead of its latest Model 3 electric car production planned for late 2017. The plant has been projected to require around 5,000 t/yr of cobalt and up to five times this volume in lithium carbonate, as it reaches its 35GWh capacity for cells.
This is only the beginning, as reports from the Sparks, Nevada plant site indicate this is just phase one, with adjacent land slated to accommodate further potential expansions. In addition, almost as much capacity again is combined “gigafactories” is springing up around the world, particularly in China and wider east Asia, over the next five years.
Beyond cobalt, trade interest finally reached its fellow LME-listed minor metal molybdenum. …
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Source: Metal Pages
WEEK IN REVIEW: Cobalt recharged by battery prospects
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