In the race for key raw materials for lithium-ion batteries, China now appears to be leading the cobalt push, with its CMOC Group boosting production up over 170% in the Democratic Republic of Congo
The surge in lithium overproduction coupled with waning demand has unexpectedly slashed battery costs, sparking a revolution in the electric vehicle (EV) market by heralding an era of affordable e-cars for consumers.
Cobalt prices have plummeted due to a combination of oversupply from the Democratic Republic of the Congo, a slowdown in the battery market, and the rise of cobalt-free battery technologies.
MARKET MOVEMENTS: Brent crude oil fell 1.4% to $76.39 a barrel. European benchmark gas fell 1.1% to EUR36.06 a megawatt-hour. LME copper prices fell 1.2% to $8,508.50 a metric ton. Gold futures edged down 0.3% to $2,037.40 a tro. | 06:48am