Cobalt plumbs two-year lows, boosting electric car prospects

Cobalt prices fell to two-year lows today after supplies rose from the Democratic Republic of Congo, boosting stocks of electric carmakers. 

The industrial metal tumbled over 40% since mid-November to trade now between $18.75 and $20.35 a pound. 

Cobalt is a key component of battery production in electric cars, with supplies mounting from Congo, the source of the world's two thirds of the metal despite being on of the poorest countries. 

Congo's production surged 44% since 2018 according to official data, with prices hitting ten-year highs in April 2018 at $40 before plunging. 

Global demand on electric cars is expected to rally in the next few years, after sales already rose 66% last year to two million units from 2017. 

Related metal, palladium, rose 0.6% as of 14:53 GMT to $1,349.6 an ounce, with a session-high at $1,356, and a low at $1,332.