Cobalt prices have jumped 40% this year so far with the rise in demand from electric vehicle makers. Supply chain for rare metal and allegation of child labour have deterred electric carmakers from the use of cobalt. While the number of electric cars in China has increasingly seen the use of alternative lithium-iron phosphate (LFP) chemistry that does not involve cobalt or nickel, this has been outweighed by growth in global demand for more powerful batteries. While cobalt price will reach $28.50 a pound this year, it is projected that it will hit $40 in 2024 as alternatives are expected to remain scarce.

Source: https://www.ft.com/content/c337958a-3f1b-41c5-b229-11556baa4164/