LME holds metal (from memory ~22 warehouses globally). Cobalt is small inventory and trades thinly (~100t per week or less). Remember, you can fit the entire annual cobalt market into one capesize bulk carrier. Trades are conducted by LME brokers and reflect (mostly) speculative buying/selling. Overwhelmingly, cobalt prices are set company to company and the MB (Metals Bulletin) conduct a twice daily phone survey (yep, no kidding) of Asian pricing. Asian pricing is global pricing. The industry then uses MB pricing not LME as a price guide. So be careful there. Cobalt sulphate quoted in Shanghai with LME considering listing.
Current COB prices reflect 2 Feb pre selling. Retail holders who were thinking of selling of anniversary selling (ie: concessional CGT) then some traders are beating you to the punch. Life wasn't meant to be easy... This is a short term trade (buyers strike versus abnormal selling volume as traders are aware of the anniversary) and normal trading will resume next week or two. Some really good posts recently on COB fundamentals so well done to those involved. The Batman.
COB Price at posting:
67.0¢ Sentiment: Buy Disclosure: Held
