The London Metal Exchange three-month futures for cobalt have been trading above $50,000 per tonne since July, 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 September of 2021.
Cobalt is expected to trade at 52579.30 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 50246.59 in 12 months time.