Hedge Funds Are Hoarding Cobalt Amid Battery Metal Slump [Financial Post (Toronto, Ontario, Canada)]
CME Group Inc. - Class A (CME)
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Source: Financial Post
tumbling spot prices and a more liquid futures market create new trading opportunities in the battery metal. Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Hedge funds including Anchorage Capital Advisors and Squarepoint Capital LLP have been building positions in cobalt by buying up physical material, as tumbling spot prices and a more liquid futures market create new trading opportunities in the battery metal. Cobalt is a relatively tiny and specialized market compared with commodities like copper or oil, and prices have dropped to the lowest in more than seven years as the market is flooded with production from the Democratic Republic of Congo and Indonesia. Article content The hedge funds' moves are the latest sign of financial players getting involved in physical metal trades, as money flows back into commodities while oversupplied metal markets create opportunities to make a profit by b
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