Cobalt Prices Reach Highest Level Since April 18

Metal Bulletin reported yesterday that this week, cobalt prices hit their highest level since April 18. The gains came as demand increased and sellers raised their prices.

As quoted in the market news:

Low-grade cobalt reached $13.75-14.50 per lb on Wednesday July 2, up from $13.50-14.35 on Friday June 27. High-grade cobalt jumped to $14-15 per lb from $13.60-14.60. Tonnage sold on a spot basis has surged over the past week, with consumers coming into the market for large volumes. Traded volumes between Friday June 27 and Wednesday July 2 reported on a spot basis across both grades jumped to 87.5 tonnes, dwarfing the 25.5 tonnes reported during the same period a week earlier. A week prior to this, 42 tonnes were sold within the same time-frame, Metal Bulletin’s trade logs for June and July show.

Click here to read the full Metal Bulletin report.