China cobalt stocks surge after Congo unexpectedly bans exports
Cobalt stocks rose in China on Tuesday as a surprise export ban in the Democratic Republic of Congo lifted the near-term outlook for the material used in alloys and batteries. Shares in Nanjing Hanrui Cobalt Co. jumped as much as 17% in Shenzhen, while Zhejiang Huayou Cobalt Co. rose as much as 7.8%. Meanwhile, CMOC Group Ltd., which has been ramping up its two giant mines in Congo, slipped 2% in Hong Kong.
Cobalt stocks rose in China on Tuesday as a surprise export ban in the Democratic Republic of Congo lifted the near-term outlook for the material used in alloys and batteries. Shares in Nanjing Hanrui Cobalt Co. jumped as much as 17% in Shenzhen, while Zhejiang Huayou Cobalt Co. rose as much as 7.8%. Meanwhile, CMOC Group Ltd., which has been ramping up its two giant mines in Congo, slipped 2% in Hong Kong.
