Global cobalt short-term outlook December 2022

Economic declines continue to affect much of the world in December 2022: energy crisis stemming from the Ukraine war, increasing food prices, inflation and resurgent Covid-19 in China all have weighed on consumer confidence and led to souring sentiment across global commodity markets, with cobalt being no exception. As high inflation and rising interest rates have tipped Europe into recession, the benchmark (standard-grade) price tumbled by another 10% during December, after having lost 13% last month amid weak restocking interest from chemical applications. In China, the metal price held up relatively well as sentiment has slightly improved thanks to purchases from the State Reserve Bureau last month and the easing of Covid-19 restrictions.