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Cobalt moves down as traders, consumers look for the bottom

June 01, 2011 - 16:49 GMT Location: London

Cobalt prices fell further on Wednesday on continuing competition for business combined with sales of metal by Chinese traders, market sources said.

Low-grade cobalt dropped to $16.85-17.80 per lb from $17.10-18.10 previously, while high-grade edge down to $18.50-19.65 per lb from 18.50-19.75. One trader, who said he bought metal from counterparts in China for as little as $16.50 per lb, identified the sales from China as one of the more significant factors in the market. “They were quite resolute at [not selling at] the $18-plus level, but now they are coming to the party,” he said. “I’ve booked at $16.50 per lb, but...

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