China Cobalt Stocks Jump as Congo Exports Ban Sparks “Chaos”
Congo, the top producer of the raw material, is suspending cobalt exports for four months in an attempt to rein in global oversupply.
Photographer: Lucien Kahozi/BloombergThis article is for subscribers only.
Cobalt stocks rose in China on Tuesday as a surprise export ban in the Democratic Republic of Congo lifted the near-term outlook for the material used in alloys and batteries.
Shares in Nanjing Hanrui Cobalt Co. jumped as much as 17% in Shenzhen, while Zhejiang Huayou Cobalt Co. rose as much as 7.8%. Meanwhile, CMOC Group Ltd., which has been ramping up its two giant mines in Congo, slipped 2% in Hong Kong.