Welcome to the October 2019 cobalt miner news. The past month saw cobalt prices slightly lower after recent rises; however, LME inventory fell significantly. The biggest news for the month was the multi-year LG Chem (LGCLF) deal to acquire cathode material from Umicore. LG is said to be supplying Tesla (TSLA) for the Chinese Tesla Model 3 production.
Cobalt price news
As of October 21, the cobalt spot price was US$16.10/lb, down slightly from US16.56/lb last month. The LME cobalt price is US$35,000/tonne. LME Cobalt inventory was 711 tonnes, down significantly