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Cobalt spread moves out to $6 as Glencore keeps selling
March 31, 2010 - 15:39 GMT
Location:
London
KEYWORDS:
cobalt
,
metal prices
,
glencore
,
alex harrison
Low-grade cobalt traded in a $6-per-lb range on Wednesday as Glencore continued to sell to chemical producers at $17.25, while a trading company in London made a small sale of very prompt metal at over $23 per lb
“I bought additional quantities this week at $17.25 […] whatever the traders [might] say we turn to Glencore and can buy at that price. We have been buying from them at this price throughout March,” one consumer outside northern Europe said.
But, as MB’s low-grade range extended to $17.25-23 per lb from $17.25-21.60 per lb previously and high-grade moved up to $22-23.50 per lb from $22-23.30 per lb, traders continued to call foul.
They argued that since all other run-of-the-mill business is being concluded at levels over $21, Glencore’s prices should be disregarded.
They...
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Euromoney Institutional Investor PLC.
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