April 8, 2015
Cobalt Prices Surge 5.5% on Chambishi Shutdown News
Cobalt prices surged by more than 5% on Wednesday March 8 after news of a shutdown at one of the world’s biggest operations provided a shot in the arm for the previously languishing market.
High-grade prices hit $12.50-13.95 from $12.05-12.95, after sellers hiked their offer prices.
Chambishi is the world’s biggest cobalt metal producer, selling large volumes of broken cathodes to Asia, the USA and Europe.
Over 1,000 tonnes of metal are expected to be affected by the temporary closure, but market sources speculate that the shutdown could continue for longer. Producers, noted a reluctance to offload ahead of potential moves higher. “We’re confident that the market has changed to an upward trend. In addition, we don’t have enough material to be sold in the spot market for the time being.
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