New Covid-19 variant Omicron boosts China Co prices

摘要

News of the new Covid-19 variant Omicron in South Africa has put upward pressure on cobalt prices in China because of concerns around transportation at the South African port of Durban, according to market participants. Durban port is a key transit port for cobalt feedstock exports from the main global production hub of the Democratic Republic of Congo (DRC). The US, UK, Japan, Canada, Singapore, Malaysia, Indonesia and several other European countries have announced travel bans from South Africa and its neighbouring countries in response to the identification of the variant.