Cobalt prices hit $40/lb as larger tonne inquiries dominate

Prices for high and low-grade cobalt metal rallied through the $40 per lb psychological barrier in the midweek pricing session, with scope to keep rising over the coming days and weeks.

High prices are, at least for now, unlikely to deter purchasing, because tight supplies, strong demand from the battery and super-alloy sectors and larger volume inquiries are sufficient to underpin the latest gains, market sources told Metal Bulletin.
Metal Bulletin assessed low-grade cobalt prices at $39.25-40.40 per lb, in-warehouse, on Wednesday March 7, up 1.3% from the previous assessment. 
High-grade prices rose similarly, up 1.2% from the assessment on Friday March 2, now at $39.40-40.45 per lb.
“Cobalt has gone from being thinly traded, to charging through the $40 mark with larger tonnage inquiries,” a trader source said.

Spot purchases of between one and five tonnes have been considered the norm so...

Published

Charlotte Radford

March 08, 2018

15:02 GMT

London