Commodity Market Report
Global cobalt short-term outlook November 2022
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Report summary
November was a dismal month for cobalt, as the benchmark price tumbled by 13% from the start of the month to finish below US$22/lb. Europe is entering a downturn over the winter, with elevated energy prices and rising inflation hurting consumer confidence and demand for chemical applications such as batteries and catalysts. In China, metal demand remained sluggish in a thinly traded market through November, but the price only dipped by 2% as the purchase from the State Reserves Bureau (SRB) in the middle of the month lent some support. The price differential between China and Europe has therefore narrowed.
Table of contents
- General Motors (GM) partners with Queensland Pacific Metals (QPM)
- The New South Wales government backs up Nico Young
- Nornickel upgrades the Norilsk concentrator
- Jubilee starts cobalt production at Sable
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