Cobalt Market Forecast and Cobalt Stocks to Buy in 2020

 

Cobalt Market Forecast and Cobalt Stocks to Buy in 2020

Find out what industry experts say is ahead for the cobalt market!

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Cobalt Market Update

The main driver in the cobalt market is the EV industry, as the metal is essential in batteries. But the coronavirus has hit the space hard, with many changing forecasts since the start of the year.

Wood Mackenzie was previously expecting EV sales growth of 20 percent year-on-year in 2020, but the firm is now looking at a contraction of up to 40 percent, Gavin Montgomery, research director, battery raw materials, told the Investing News Network (INN).

“We had projected the cobalt market to be relatively balanced this year as the excess stocks that characterized 2019 started to ease off, plus we have Glencore’s (LSE:GLEN) Mutanda mine offline this year. Now we see the market contending oversupply again as all end-use sectors are impacted.”

Prior to the virus outbreak, Roskill’s 2020 base case forecast was for a 60 percent year-on-year increase in EV sales compared to 2019, rising from 2 million to around 3.2 million EVs in 2020.

“We now forecast EV sales to be between 30 to 45 percent lower than (previously expected), with sales of approximately 1.8 million EVs under the worst-case six month lockdown scenario,” Roskill consultant Jake Fraser explained to INN.

For Benchmark Mineral Intelligence Head of Price Assessment Caspar Rawles, the key issue so far in 2020 can be summed up with one word: uncertainty.

“The world is going through an unprecedented situation with an unknown timeline of direct impact (i.e. closures/lockdowns/demand loss) through the peak of the pandemic, and the following recovery period,” Rawles told INN in an interview.

Understand the cobalt market with our 2020 FREE Report Cobalt Market Forecast and Cobalt Stocks to Buy in 2020

Table of Contents

  • Cobalt Trends 2019: Market Volatility Reigns
  • Cobalt Market Update: Q1 2020 in Review
  • 3 Top Canadian Cobalt Stocks of 2020

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Cobalt Market Forecast and Cobalt Stocks to Buy in 2020

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Cobalt Market Forecast and Cobalt Stocks to Buy in 2020

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