Insider Monkey reviewed the 10 best cobalt stocks to buy for 2021 and why most market research firms were bullish on cobalt stocks. According to a report by New York-based leading business intelligence firm Expert Market Research, the global cobalt market witnessed a demand of 115.54-kilo tons in 2020. Here is a look at the Growth Catalysts for Cobalt Stocks.
Cobalt is a by-product of mining nickel and copper from the earth. The metal has to be processed before it can be made available in the market. Most of the mines where cobalt is found, sites of nickel and copper mining, are located in the Democratic Republic of Congo, China, Australia, Russia, Canada, and some other countries. This is partly to do with the high demand for cobalt in China. The metal is used together with nickel in these batteries, and there is as yet no commercially viable alternative to this pairing in the market. One of the best ways for investors to take advantage of this situation is by buying shares in the companies that are mining nickel and copper, and by default, cobalt around the world.
At the end of 2019, most market research firms were bullish on cobalt stocks. So how does one know the Best Cobalt Stocks to Buy Now? Panoramic Resources is tenth on the list. The overseas operations of the firm are mostly based in northern European countries. Usually, cobalt is found alongside nickel in a chemically combined form in mines. The company has interests in copper, cobalt, nickel, zinc, lead, chrome ore, ferrochrome, vanadium, alumina, aluminium, tin, and iron ore. Glencore, a Switzerland-based multinational corporation that is one of the largest producers of cobalt in the world, is ninth. The shares of the firm have been steadily rising over the past few months on the back of increased copper and battery metal demand. Freeport-McMoRan Inc. is an Arizona-based mining company with stakes in copper mining in the Democratic Republic of Congo in partnership with other companies. Cobalt is a by-product of copper mining. The list gets interesting. Click here to read the conclusion of Insider Monkey’s research.