The London Metal Exchange three-month futures for cobalt have been rising since mid-June to above $50,000 per tonne, approaching 2018 levels, boosted by increasing sales of EVs in Europe, China and the US. The metal is used in electric vehicles batteries. Although cobalt content in batteries has been cut significantly in recent years, demand is expected to continue to rise as the EV segment remains buoyant around the world.
Historically, Cobalt reached an all time high of 95250 in March of 2018. Cobalt - data, forecasts, historical chart - was last updated on July of 2021.
Cobalt is expected to trade at 55046.25 USD/MT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 63451.50 in 12 months time.