“There have definitely been enquiries and bookings from the hedge fund side. There seem to be four or five of them out there, and there could well be a couple more,” one USA-based trader told Metal Bulletin.
The move by funds will be watched closely by traders, consumers and producers, both for their possible capacity to suck metal units out of the spot market and push prices up, as well as the effect their moves might have if and when they eventually exit the market.
Low-grade cobalt prices continued to trade at $10.50-11.20 per lb in Metal Bulletin’s twice-weekly assessment on Friday June 24, with high-grade prices moving up to $10.75-11.55 per lb on sales that rose to as much as $11.75 per lb.
“One company that we dealt with had already...