Analysts at Macquarie have cut their price forecasts for cobalt, citing easing tightness for the battery raw material in the coming years amid expectations of supply growth.
Rising output from Glencore's copper-cobalt operations in Africa will push the market into a surplus in the medium term, for example, the analysts said. Cobalt output from Glencore's Katanga mine in the Democratic Republic of Congo is forecast to reach 34,000 tonnes in the 2019 financial year, up from 11,000 tonnes in the 2018 financial year, Katanga Mining said in December.Macquarie analysts expect cobalt prices to average $26 per pound in 2018, before falling to $16.50 per lb in 2019 - a cut of 4.6% and 17.5%, respectively compared...