Cobalt price will exceed $15/lb in near term - BMO’s Hamilton

The cobalt price will increase to more than $15 per lb in the near term following Glencore’s announcement that it will shut its Mutanda operation by the end of the year, according to BMO Capital Markets managing director of commodities research Colin Hamilton.

The cobalt market reacted swiftly to the announcement of the closure on Wednesday August 7 when the trader-miner said Mutanda would be placed on care and maintenance for at least two years due to low cobalt prices in an oversupplied market.
Fastmarkets’ benchmark price for cobalt, standard grade in-whs Rotterdam rose 4% to $12.25-13.95 per lb on Wednesday, up from $12.20-13.00 per lb on Friday.

Fastmarkets’ price assessment for cobalt, alloy grade, in whs Rotterdam rose 4.3% midweek to $12.50-14 per lb from $12.40-13...

Published

Janie Davies

August 08, 2019

11:25 GMT

London