Citigroup cuts copper forecast on tariffs risk, China outlook
The bank has cut its short-term outlook for copper prices by 11% to $8,500 a ton over the next three months.
Commodities trader Trafigura has signed a memorandum of understanding with US electric vehicle battery materials company EVelution Energy to support development of a battery-grade cobalt sulphate processing plant in Arizona.
With expected annual capacity of 7,000 tonnes of cobalt, the facility will be able to meet 40% of expected 2027 cobalt demand in relation to US production of electric vehicles, the companies said. EVelution Energy is expected to start construction of the plant in late 2023.
(By Arundhati Sarkar and Eileen Soreng; Editing by David Goodman)
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