The cobalt market has stabilized after strong price increases this month, but market sources still remain confident of further rises in the near future. The US Defense Logistics Agency said this week its negotiated sale of 1.5m lb of low-grade cobalt went for a provisional price of 11.2m dollars, an average of 7.47 dollars per lb, which was seen by some observers as a bullish indicator. According to one DLA participant the agency had yet to inform on whether the sale will be on a fixed or formula basis. Ameropa, Glencore, Oxxides and Sovereign Recycling were the successful bidders. Consumer spot sales last week were reported at around 7.90-9.00 dollars per lb for low-grade, 99.3 percent metal, while high-grade business was still being carried out at significantly higher premiums. Top-grade business was still being carried out at significantly higher premiums. Top-grade metal such as Falconbridge was reported sold at around 10.20-10.50 dollars per lb, while other types of high-grade have been sold at between 9.25 dollars and 10.00 dollars.
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