Cobalt price steadily increasing
The price of cobalt looks likely to hit $50/pound fairly soon, with BHP now quoting $49.25.
http://cobalt.bhpbilliton.com/
Cheers
BP
Cobalt sees another bull run
Cobalt sees another bull run
Publisher: Metal-Pages
LONDON (Metal-Pages) 22-Feb-08. The cobalt market is seeing another bull run similar to the gains seen at the end of 2007, with traders saying they expect the market to go higher and that Russian grade material will also soon hit the $50/lb mark.
The current screen price for Russian material shown by Norilsk Nickel however is $46.40/lb, and this price was published on the 20 February.
Meanwhile BHP Billiton raised its screen offer price to $52.50/lb this week following a sale of 5 tonnes of material at $51/lb on 19 February. However, BHP Billiton has yet to find takers at the $52.50/lb level.
A trader said: "The bull run continues, the price will soon go to $60-65/lb, in the next year consumption is is expected to reach 75,000 tons and there is a 30% growth in demand. Consumers are ringing me up at midnight." He quoted a price of $51-53/lb for high grade material and $48-50/lb for Russian material.
Another trader agreed: "The market is very strong, it has come into its own, consumers are short and are desperate for material for March delivery, they are looking for ways to pause the bull run but they can't he said, adding that demand is particularly strong from Japan.
He quoted $52/lb for Falconbridge material and $47/lb for Russian material. However a third trader said that while there is no question the market is firmer, the bull's views are to be taken with a pinch of salt. "We have had a lot of enquiries, but have not bookd a lot of high grade material, customers are reluctant to pay the higher prices and no one will pay $50/lb for Russian material. The higher numbers are partly due to market manipulation," he said.
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