June was a dismal month for cobalt, as the benchmark (European) price tumbled by 16% from the start of the month to finish at US$32.3/lb. Yet, the price differential between China and Europe remained as big as last month as the price in China continued to fall in an oversupplied market. This in turn encouraged Chinese refineries to export more units, customers in Europe and the US were, however, reluctant to purchase in large volumes amid souring sentiment. In contrast to a relatively quiet spot market, the futures market became more active this month with CME’s traded volumes reaching a record high, a signal that this dismal may be temporary.