The forecast for Cobalt stocks on the London Metal Exchange in the US anticipates a gradual increase from 2024 to 2028, starting at 136 metric tons in 2024 and reaching 149 metric tons by 2028. The year-on-year growth rates are fairly consistent, maintaining an approximate increase of 2.2% annually from 2024 to 2028. Currently, in 2024, this represents a steady upward trend compared to actual data from prior years. Over the last five years, the compounded annual growth rate (CAGR) for cobalt stocks is set to maintain a similar pace, indicating a stable demand and supply trajectory.
Future trends to watch will include the impact of electric vehicle production and technological advancements, as they could significantly alter cobalt demand. Additionally, geopolitical factors and mining developments in cobalt-producing countries may influence future stock levels and market dynamics. Monitoring these factors is crucial for anticipating potential fluctuations in cobalt availability and pricing.
