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Cobalt Rally Will Extend Into 2022 on Demand Surge, Major Trader Says

Cobalt has the potential to extend gains in 2022 after doubling in price this year due to growing appetite for the metal that’s vital for making rechargeable batteries in electric vehicles, according to Marubeni Corp., a major Japanese trader. 

“Demand is growing at a faster pace than anticipated,” Yoichiro Suga, Marubeni’s non-ferrous metals and materials trading general manager, said in an interview this week. Strength in demand for electric vehicles “is the biggest factor” that’s seen prices supported, he said.