MARKET SNAPSHOT: Cobalt rally continues as producers hold back and batteries heat up

Key data from May 6 pricing session.

Key data from May 6 pricing session.

Low-grade cobalt in-warehouse ($ per lb)

Today

Previous

Today’s weighted average of confirmed trades

Previous weighted average

Change to midpoint of range

Midpoint % change

13.40-14.40

13.20-14.20

13.86

14

0.20

+1.5


High-grade cobalt in-warehouse ($ per lb)

Today

Previous

Today’s weighted average of confirmed trades

Previous weighted average

Change to midpoint of range

Midpoint % change

13.75-14.50

13.50-14.40

14.04

14.36

0.18

+1.26



Key drivers

- Producers who had been offering at recent lows, no longer offering.
- Consumers reporting strong salt product sales.

Key quote

- “I don't think any of my producer friends have material to sell. We'd bought the last for nearby delivery from one.” – Trader.
- “From the consumption side, everything is on fire.” – Consumer

Trade log

May 6
Low-grade
Less than 5 tonnes at about $13.85
Small sale at $13.40
Small sale at $14
Small sale at above $15
More than 10 tonnes at about $13.75
Less than 5 tonnes at about $13.85
Small sale at $13.95
Less than 5 tonnes at about $13.95
Small sale at $13.85
Offer at $14.45
Offer at $14.50
Offer at $13.50
Offer at $13.30-13.40
Offer at $13.85

High-grade
Small sale at $13.75
Small sale at about $14.50
Small sale at $14.20
Offer at $14

Total volume of all trades confirmed since previous pricing session: 37 tonnes


Click here for the full May trade log

Click here for Metal Bulletin’s cobalt pricing specifications
Click here for Metal Bulletin’s cobalt premiums specifications

Fleur Ritzema
fritzema@metalbulletin.com
Twitter: @FleurRitzema_MB

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