Homepage
PR Newswire
24-02-2017, 05:59 AM
From the FT
"Suppliers to Tesla and other electric carmakers are scrambling to secure shipments of the key battery material cobalt after a group of hedge funds amassed a large stockpile of the scarce metal.
In a bold wager on higher prices, half a dozen funds, including Swiss-based Pala Investments and China’s Shanghai Chaos, have purchased and stored an estimated 6,000 tonnes of cobalt, worth as much as $280m, according to the investors, traders and analysts.
The stockpile is equivalent to 17 per cent of last year’s global production of the metal.
Increasing use of batteries containing chemical forms of the metal by Chinese electric carmakers, alongside ambitious plans by the likes of Elon Musk’s Tesla, have created a fertile backdrop for speculators hoping to profit from swelling appetite for cobalt, which boosts the power of lithium-ion batteries."
Financial Times
Sydney Morning Herald
I'm seeing more mention of Cobalt in the MSM. Perhaps this also part of the reason behind the rise of CMOC (up 66% YTD) due to its purchase of the Tenke Fungurume mine.
"Suppliers to Tesla and other electric carmakers are scrambling to secure shipments of the key battery material cobalt after a group of hedge funds amassed a large stockpile of the scarce metal.
In a bold wager on higher prices, half a dozen funds, including Swiss-based Pala Investments and China’s Shanghai Chaos, have purchased and stored an estimated 6,000 tonnes of cobalt, worth as much as $280m, according to the investors, traders and analysts.
The stockpile is equivalent to 17 per cent of last year’s global production of the metal.
Increasing use of batteries containing chemical forms of the metal by Chinese electric carmakers, alongside ambitious plans by the likes of Elon Musk’s Tesla, have created a fertile backdrop for speculators hoping to profit from swelling appetite for cobalt, which boosts the power of lithium-ion batteries."
Financial Times
Sydney Morning Herald
I'm seeing more mention of Cobalt in the MSM. Perhaps this also part of the reason behind the rise of CMOC (up 66% YTD) due to its purchase of the Tenke Fungurume mine.