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July 2, 2014

Cobalt cruises higher as bulls anticipate summer trade surge

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MetalBulletin.com - July 2, 2014 - London

Cobalt cruises higher as bulls anticipate summer trade surge

Low-grade cobalt reached $13.75-14.50 per lb on Wednesday July 2, up from $13.50-14.35 on Friday June 27. High-grade cobalt jumped to $14-15 per lb from $13.60-14.60. Tonnage sold on a spot basis has surged over the past week, with consumers coming into the market for large volumes. Traded volumes between Friday June 27 and Wednesday July 2 reported on a spot basis across both grades jumped to 87.5 tonnes, dwarfing the 25.5 tonnes reported during the same period a week earlier. A week prior to this, 42 tonnes were sold within the same time-frame, Metal Bulletin’s trade logs for June and July show. Sellers, some of whom had been selling in the low-$13s until recently, raised their offer prices or held back ahead of anticipated further…

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