Cobalt Prices Rise After SRB Purchases

Metal Bulletin reported that cobalt prices rose quickly Wednesday after China’s State Reserve Bureau (SRB) made “massive purchases” the previous day.
As quoted in the market news:

The SRB bought 1,800 tonnes of cobalt metal through a Tuesday afternoon bidding from a few major producers and traders, who have been requested to finish deliveries within the next four months, according to several sources familiar with the situation. Including about 400 tonnes of cobalt metal stockpiled in September, the SRB has mopped up a total of about 2,200 tonnes of cobalt metal from the market. As a result, those with cobalt on hand are lifting prices. On Wednesday, cobalt metal was trading at 204,000-220,000 yuan ($31,935-34,440) per tonne, sharply higher than the 198,000-209,000 yuan per tonne range recorded for the previous pricing session.

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