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Glencore in Battery-Metal Offtake Deal With Missouri Cobalt

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Glencore Plc agreed to an offtake deal with Missouri Cobalt LLC, giving the world’s biggest commodity trader more exposure to the crucial battery ingredient.

The agreement follows a steep rise in the price of battery metals over the past year amid surging sales of electric vehicles. The spike in costs has threatened carmakers’ margins, while rising demand has sparked fears of a shortage of mined raw materials such as lithium, cobalt and nickel.