Commodity Market Report
Global cobalt short-term outlook October 2022
Report summary
October was a relatively quiet month for cobalt with prices for most products moving sideways. The benchmark cobalt price (European Standard-grade price) remained range bound at US$25 to 26/lb amid deteriorating global macroeconomic conditions. October saw a thinly traded spot market in contrast to an active futures market driven by intensifying interests in hedging the LME week. The bearish sentiment started to develop in both China and Europe towards the end of the month.
Table of contents
- CATL to become CMOC’s second-largest shareholder
- Trafigura and EVelution Energy to build a cobalt processing facility in the US
- GME Resources signed offtake with Stellantis for NiWest
- Second HPAL for Vale and Huayou in Soroako
- Hanrui Cobalt and Huabao to develop HPAL in Sulawesi
- LGES inked a three-year cobalt supply deal with Electra
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