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China cobalt prices leap to 2-year high on stockpiling
On the London Metal Exchange, prices of cobalt metal, used to make alloys for jet turbine blades, are up nearly 10% since the start of 2021. Stock Image.
Prices for cobalt metal in China powered to their highest in almost two years on Thursday, with traders attributing the rally to a new round of buying by the country’s state stockpiler.
Cobalt on the Wuxi Stainless Steel Electronic Trading Center – a reference for spot deals in China – hit 319.50 yuan ($49.42) per kg, the highest since Jan. 11, 2019. It is up more than 13% already in 2021.
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After a year full of uncertainty, what is the cobalt outlook for 2021? Analysts share their thoughts.
Click here to read the previous cobalt outlook.
This time last year, cobalt market watchers were expecting demand from the electric vehicle (EV) sector to pick up, but 2020 was overshadowed by the coronavirus pandemic.
Cobalt, a key element in lithium-ion batteries, experienced supply chain challenges, with lockdowns and containment measures testing its resilience.
With the new year now in full swing, the Investing News Network (INN) reached out to cobalt experts to get more insight about the cobalt outlook for 2021.
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By Reuters Staff
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Jan 7 (Reuters) - Prices for cobalt metal in China powered to their highest in almost two years on Thursday, with traders attributing the rally to a new round of buying by the country’s state stockpiler.
Cobalt on the Wuxi Stainless Steel Electronic Trading Center - a reference for spot deals in China - hit 319.50 yuan ($49.42) per kg, the highest since Jan. 11, 2019. It is up more than 13% already in 2021.
On the London Metal Exchange, prices of cobalt metal, used to make alloys for jet turbine blades, are up nearly 10% since the start of 2021 at $35,500 a tonne, their highest level since November 2019.