Glencore's cobalt stock overhang contains prices despite mine suspension [Reuters]
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Source: Reuters
Glencore's cobalt stock overhang contains prices despite mine suspension - Reuters 4 Min Read * Glencore’s stocks of cobalt stand at 10,300 tonnes * Citi expects cobalt surplus this year, deficit in 2020 By Pratima Desai LONDON, Aug 8 (Reuters) - Cobalt prices have started to firm after Glencore announced plans to freeze output at the world’s largest mine of the battery material, but traders say an overhang of stock held by the commodity trader and miner will inevitably cap gains. Glencore said its Mutanda mine in the Democratic Republic of Congo will be put on “care and maintenance” from the end of this year for an expected two years as the economic rationale for keeping it going had deteriorated. A byproduct of copper production, cobalt in the DRC is produced in the form of hydroxide, which is easily turned into chemicals used to make batteries for electric vehicles and mobile devices. Cobalt prices on the London Metal Exchange are near their lowest since October 2016, having crashe
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