A metal used in the rechargeable batteries that power iPhones and electric cars is one of this year’s best-performing assets, surging more than 20% and outpacing other commodities.
Cobalt prices have extended a record run with demand forecasts holding steady and the supply outlook looking uncertain because of the Democratic Republic of the Congo’s dominance as a source of the metal.
While the prospect of higher supply has slowed the momentum of metals like lithium and copper, which are also used in batteries, many investors expect cobalt consumption to continue to exceed production. Lithium prices are roughly flat this year, while copper has fallen more than 7%.
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