Cobalt Prices Spike as Congo Export Halt Rattles Supply Chain [Yahoo! Finance]
GLENCORE PLC UNSP/ADR (GLNCY)
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Source: Yahoo! Finance
Most Read from Bloomberg Trump DEI Purge Hits Affordable Housing Groups NYC Congestion Pricing Toll Gains Support Among City Residents Electric Construction Equipment Promises a Quiet Revolution Open Philanthropy Launches $120 Million Fund To Support YIMBY Reforms Inside the ‘Not Architecture' of High Line Designers Diller Scofidio + Renfro Prices for cobalt hydroxide — the main product exported from the Democratic Republic of Congo — have jumped 84% since the country imposed a four-month suspension on shipments in February to rein in a glut. It hit $10.5 a pound on Tuesday, the highest level since July 2023, according to Fastmarkets. The price of cobalt metal has jumped more than 43%. Congo accounts for about three-quarters of the world's production of the battery metal and the spike in prices is triggering concerns about supply, with the market cautiously assessing spot transactions, inventory levels and the next potential measures that could follow the suspension.
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