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The price of cobalt has seen two historic spikes in the last decade as supply has struggled to meet demand, driven by electric batteries.
Cobalt is no longer the breakout metal it was in 2017 or 2021, with improved supply and changing electric battery chemistries impacting demand. But that does not mean that investors should count cobalt out just yet.
The Democratic Republic of Congo still dominates 73% of global supply, presenting significant geopolitical and supply chain risks, and soaring electric vehicle sales are expected to offset any efficiencies in electric battery chemistries.