By Tom Manzella | 10 March 2017
Despite its relative obscurity, cobalt is quietly becoming the next lithium, with demand for the base metal on the rise as a key component of lithium-powered batteries. Spot prices for cobalt have risen 117% year on year and 55% since Jan. 1, outpacing a 41% increase in Benchmark Mineral Intelligence's lithium carbonate global average. As of March 7, the LME cash price for cobalt stood at US$50,750/t.