Cobalt prices are forecast to rise by up to 15% during 2013 according to a recent report by CRU. The price of cobalt, a key component in rechargeable batteries used in smartphones has risen by almost 20% since the start of 2013 to $29,750 per tonne. Cobalt prices have been supported by expectations of an export ban from the Democratic Republic of Congo, a key producer. Looking forward over the next few years CRU forecasts cobalt prices could rise by over 40% with most of the increase expected in the near term.
Cobalt is CRU’s top pick for commodity price gains during 2013 while over the period to 2017 other commodities including palladium, nickel, zinc and platinum are also expected to see gains of over 40%.