Cobalt moves down as traders, consumers look for the bottom

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...


June 01, 2011

16:49 GMT