Cobalt prices up on tight supply

Print this page Posted on : 07-04-2009 by recycleinme.com

Prices for minor metal cobalt 99.3 per cent jumped 10 per cent this week because of supply problems combined with production cutbacks, traders said. Battery material cobalt 99.3 climbed to around $14.50/$16.50 a lb from $14.00/$15.00 a lb, while high grade 99.8 cobalt rose to around $15/$17 a lb versus $15/$16 a lb last week. Cobalt, a by-product of copper or nickel mining, is due to be launched as a futures contract on the London Metal Exchange early next year. The new contract would offer all the benefits of an exchange traded product, giving access to a transparently derived price and the ability to manage price risk.

Source : Business Line