2024-07-24 08:36:26 ET
Summary
- Cobalt spot prices were slightly lower for the month. LME inventory was higher for the month.
- Cobalt market news - Hedge funds are hoarding cobalt. CMOC cobalt production soars by 178% in H1 2024, straining an already oversupplied market.
- Cobalt miners news - CMOC reported preliminary net profit of RMB5,189-5,735mn in 1H2024, up 638%-716% YoY. Chemaf Resources Limited to be acquired by Norin Mining Limited.
- Chilean Cobalt enters offtake deal, partnership with Glencore.
Welcome to the July 2024 cobalt miners news.
The past month saw cobalt prices slightly lower.
Cobalt price news
As of July 23, the cobalt spot price was at US$11.77/lb , down from US$12.04/lb last month. The LME cobalt price is US$25,675/tonne . LME Cobalt inventory is 115 tonnes, up from 92 tonnes from last month. More details on cobalt pricing (in particular the more relevant cobalt sulphate), can be found here at Benchmark Mineral Intelligence or Fast Markets MB ....
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For further details see:
Cobalt Miners News For The Month Of July 2024