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July 29, 2014

Cobalt Prices Hit 29 Month Highs

THIS IS NOT AN OFFICIAL COMPANY NEWS RELEASE
- FOR THE INFORMATION OF SHAREHOLDERS AND INTERESTED PARTIES ONLY -



MetalBulletin.com - July 28, 2014 - London

Cobalt Prices Hit 29 Month Highs

Cobalt sellers have been celebrating signing numerous spot deals above $15 per lb for the first time in years.

Low-grade prices reached their highest level in 29 months on Friday July 25, and holders of stock in Asia and Europe have been encouraged to sell by the recent rally. Low-grade cobalt reached $14.45-15.25 per lb on Friday, up from $14.25-15.05 on Wednesday July 23.

High-grade cobalt stabilized at Wednesday’s 29-month high of $15-15.50 per lb. London Metal Exchange cash cobalt settled at $32,250-33,250 per tonne ($14.63-15.08 per lb) during official trading on Friday, its highest ask price since January 2012.

Several producers are well sold, having either offloaded ahead of the traditionally slower summer months of July and August, or due to production issues. “We’re sold out, but we’d be $15 or above if we had anything,” one producer said.

Traders, however, many of whom had picked up material in May and June, were happy sellers last week, with several large volume sales transacted. “I’ve sold over $15 for the first time in two years, and it was 99.3% product. I was really delighted,” a trader said….

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