Fabled Silver Gold Corp T.FCO

Cobalt Traders Panicking: Spot Prices Rise Again

[JulianAssange]

Cobalt consumers borrow from forward books; spot prices rise again

Cobalt prices rose again on July 20 as consumers sought to book new forward business and called early for contractual tonnage, hedge funds and private investors continued to look to buy and suppliers set their sights higher as a result.

Metal Bulletin’s benchmark low-grade cobalt metal price assessment rose to $11-11.50 per lb on Wednesday July 20 from $10.95-11.40 per lb in the previous session, while high-grade climbed to $11.15-12.10 from $11.10-11.85. Having booked a high-grade sale for a volume that met Metal Bulletin’s specification at $12.10 per lb, one trader in the USA promptly increased his next offer by 10 cents per lb. "The consumers feel prices are getting stronger, and are not moving back down to the $10s, and are therefore keen to pull the trigger at these levels," he said. The rise in prices has seen more consumers look to secure tonnage on a forward and nearby basis, a trader based in Europe confirmed. "The amount of forward business and enquiries we’re seeing is because people are panicking about where the prices will be over the summer and afterwards. The traders have smelled blood," he said.

https://www.metalbulletin.com/Article/3572301/Search-results/Cobalt-consumers-borrow-from-forward-books-spot-prices-rise-again.html?term=cobalt&onlyCurrent&filters=%7B%22dates%22:%5B%22last%2024%20hours%22%5D%7D