China Moly's annual production target for cobalt was set at 14,000-17,000 tonnes.

Nickel bulls may have to defer their great EV expectations for a while yet and focus on what is happening in the currently far more significant stainless steel sector.

Higher prices should provide an incentive for miners to maximize output next year, potentially alleviating some of the strain on supply, said Freeport VP of Marketing Javier Targhetta.

Metal’s spectacular rally over the last month still has momentum, but as supplies rise and demand dwindles, prices will retreat.

The plan will support the government's beneficiation ambition in the metals industry, Fitch says.

The futures contract will launch on the Shanghai International Energy Exchange (INE) on Nov. 19.

Zinc price touched a high of $2,596.50 per tonne last week, while lead has been moving in the opposite direction and is now the clear under-performer of the LME.