Cobalt prices hit 9-month low as some see improved sentiment

Several market participants have reported that sentiment has improved in the cobalt market, but the metal’s price continued to edge downward on Tuesday May 26, showing that this has yet to put the brakes on the slide in spot prices.

Fastmarkets’ benchmark price for cobalt, standard-grade, in-whs Rotterdam, was $14.75-15.00 per lb on May 26, widening downward by $0.05 per lb day on day and continuing the gradually falling trend seen in recent weeks and months.
The price has fallen from a four-month high of $17.00-17.50 per lb in early March because of weaker demand for metals in the wake of the Covid-19 pandemic.
The last time cobalt prices were lower than $15 per lb at the bottom end of the range was mid-August 2019, making the current price a nine-month low.
Intermediates improve
Some market participants now felt that the market was becoming firmer and were holding out for higher prices, above the top of Fastmarkets’ assessed range.
Hydroxide prices were improving – an indicator that some market participants felt showed improved sentiment in the metals market.

Fastmarkets’ cobalt hydroxide payable indicator, min 30% Co,...

Published

Michael Greenfield

May 26, 2020

19:10 GMT

London