LME traded Cobalt at USD53,250 for a tonne. Computes to USD24.15 for a pound.
12-year Co chart below was drawn last Friday when $23.81 was printed but it is still relevant. This comment is about the 2010 price congestion zone.
In a 2010 Mining Yearbook, a contributor writes the highest spread in April that year was 23.50 to 24.50 ... whether $24.50 was rung up, I don't know. But, using magnification, the chart below suggests to me the congestion topped at $23.50 ... and I see clean air now for the Co price to advance to approx. USD36 a pound. No doubt, more Hedgies will come on board to hold until then and sell for a profit.
The congestion zone slowed the price progress just like any other chart with a $3 0r $4 band of resistance carrying a price tug-of-war for 2 or 3 months.
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