A ton of cobalt rises to 81,750.00 USD as of April 29, 2022 on the international market
After recording a slight drop of around -20 USD last week on the international market, cobalt is on the rise again and should end the last week of April 2022 on a good flight.
As of April 29, 2022, a tonne of cobalt is trading at USD 81,750.00 on the international market compared to USD 81,559.00 per tonne last week, reports the London Stock Exchange.
During this week, cobalt recorded a positive price gap of around 191 USD.
According to experts, there are no factors that would trigger a significant drop in prices, as port congestion continues and major users stick to production plans. This means that the price should still increase moderately.
The global push towards a greener future is driving demand for battery metals such as lithium, cobalt and nickel, at a time of limited supply exacerbated by the pandemic.
The transition to clean energy to combat climate change could trigger unprecedented demand for metals in coming decades, the International Monetary Fund (IMF) said this month.
For the near-term outlook, passenger electric vehicle sales are expected to more than quadruple to 14 million units in 2025, accounting for 16% of the global market, according to Bloomberg NEF.
The world’s largest automaker, Toyota Motor Corp., has also outlined a 4 trillion yen ($35 billion) investment plan to boost its push for electric vehicles, with a target of selling 3.5 million units per year by the end of the decade.
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