Benchmark cobalt price on the London Metal Exchange accelerated to levels not seen since early January 2019, hovering around $47,000 per tonne amid strong demand from the electric vehicle sector. Cobalt, a key element in lithium-ion batteries, is set to benefit from strong growth in rechargeable batteries and energy storage in the light of impressive demand for electric vehicles. Morgan Stanley expects global electric-vehicle sales will grow 50% or more in 2021, while sales of internal combustion engine vehicles are expected to grow 2% to 5%.
Historically, Cobalt reached an all time high of 95250 in March of 2018. Cobalt - data, forecasts, historical chart - was last updated on February of 2021.
Cobalt is expected to trade at 44673.50 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 38361.40 in 12 months time.