Cobalt Continues to Tumble This week
Projected upward in 2023 by metallurgy experts for its crucial role in the fight against climate change, the price of cobalt is only plummeting on international markets.
According to projections made by experts from the National Commission of Mercurials of the Ministry of Foreign Trade of the Democratic Republic of Congo, cobalt is expected to trade lower for the period from March 6 to March 11, 2023 at 33,504.00 USD per ton against 35,012.00 USD per ton last week, ie a negative price difference of around -1,958 USD.
The same source informs that the general trend of mining products exported from the Democratic Republic of Congo is downward for the period mentioned above
Commodities such as copper, zinc, tin and silver are expected to trade lower on the international market during the period under review.
These commodities will trade respectively at $8,905.05 versus $8,999.65 for copper; zinc is expected to fall slightly to $3,054.75 from $3,090.85 a tonne a week ago.
This downward trend will also be observed for products such as tin which should be at 26,309.00 USD per ton this against 26,681.00 USD last week and silver should also fall at 0.69 USD against 0, $70 per gram.
According to these projections, gold and tantalum are the two products exported from the DRC which should experience a price increase this week.
During this period, gold is expected to trade at $58.89 per gram versus $56.16 per gram last week, a positive price gap of around $2.73.
For its part, tantalum is expected to sell at 385.00 USD per kilogram this week against 384.00 USD the same amount a week earlier, a slight increase of 1 USD, inform the projections of experts from the National Commission of Mercurials.
Cobalt is the essential component of lithium-ion batteries, used in electric vehicles and smartphones. The growth of the industry is encouraged by the Carbon Neutrality objectives that countries and companies set themselves in order to respond to the climate crisis.
Holding alone more than 64% of the world’s cobalt reserves, the Democratic Republic of Congo (DRC) intends to rely on this product to boost its economy.
