Only Two more years! | |
| Reuters - August 7, 2024 The logo of commodities trader Glencore is pictured in front of the company's headquarters in the Swiss town of Baar November 20, 2012. ... Glencore has stopped stockpiling electric vehicle battery material cobalt, its CEO Gary Nagle said on Wednesday, adding though that the market was likely to remain in surplus for another 18 to 20 months…In August last year, the London-listed miner said it had stockpiled cobalt in the first half of 2023, cutting supplies to the market to support prices of the metal…Large surpluses of cobalt created by accelerating production of the metal over the last year in top producer Democratic Republic (DRC) of Congo have pushed cobalt prices , to around $12 a lb, the lowest since 2016…"Our best guess now is it will probably take 18 to 24 months to work through this surplus," Nagle said at a briefing, adding that demand from the aerospace and defense industries was strong…China's CMOC Group is ramping up cobalt production at its mines in Congo where it forecasts output to reach about 100,000 tons by 2028…"We should look at this as a short-term mismatch rather than a structural change in the market," Nagle said. "There isn't another big copper cobalt mine coming on ... It does give the market a chance to rebalance | |
Glencore not stockpiling battery material cobalt any more
Reuters - August 7, 2024
The logo of commodities trader Glencore is pictured in front of the company's headquarters in the Swiss town of Baar November 20, 2012. ...
Glencore has stopped stockpiling electric vehicle battery material cobalt, its CEO Gary Nagle said on Wednesday, adding though that the market was likely to remain in surplus for another 18 to 20 months…In August last year, the London-listed miner said it had stockpiled cobalt in the first half of 2023, cutting supplies to the market to support prices of the metal…Large surpluses of cobalt created by accelerating production of the metal over the last year in top producer Democratic Republic (DRC) of Congo have pushed cobalt prices , to around $12 a lb, the lowest since 2016…"Our best guess now is it will probably take 18 to 24 months to work through this surplus," Nagle said at a briefing, adding that demand from the aerospace and defense industries was strong…China's CMOC Group is ramping up cobalt production at its mines in Congo where it forecasts output to reach about 100,000 tons by 2028…"We should look at this as a short-term mismatch rather than a structural change in the market," Nagle said. "There isn't another big copper cobalt mine coming on ... It does give the market a chance to rebalance