The testing confirmed there are four primary intersections of interest, designated in pairs.

Patricia Mohr says copper's inclusion as a metal essential for the green energy transition is driving the market forward.

Carmakers are working to secure supplies of materials from lithium, nickel and manganese for batteries to magnesium for car components as they race to ramp up electric vehicle production.

The auction, initially planned for 2018, has been repeatedly postponed due to concerns over the environmental and social impact of lithium mining.

While the squeeze last month was focused on near-dated contracts, in recent days it has spread through the curve.

Market balances are expected to shift from supply deficit towards surplus in 2023 as production recovers and demand cools, Andy Home says.

Benedikt Sobotka said that the surging price of the metal, which rose by 119% in 2021, was giving a very clear message: the market is severely short of cobalt, a key ingredient in the batteries that power EVs.