China cobalt up on speculation

Print this page Posted on : 11-07-2009 by recycleinme.com

Shanghai, Nov. 6

Prices of cobalt in Shanghai rose 4 per cent from a week earlier mostly due to market speculation and in spite of abundant supplies, industry officials said on Friday. Battery material cobalt was quoted in the range of 345,000 to 365,000 yuan ($50,540 - $53,470) a tonne, up 4 per cent from a week earlier. Prices had risen nearly 12 per cent in the past three weeks. China's cobalt ore imports in September almost doubled compared with a month earlier to more than 40,000 tonnes, industry officials said. The London Metal Exchange plans to launch both cobalt and molybdenum contracts in February 2010.

Source : Business Line