Cobalt (proxy) moved -7.6% on the day. Our read across the critical & base metals complex, joined to structural regional balance.
Cobalt (proxy) is the session's standout in critical & base metals, lower (-7.6%) at 820.00 USD.
On realised volatility, Copper (COMEX) carries contained realised volatility at 20% annualised against Copper (COMEX) at 20%. Position sizing should reflect that gap rather than treating the segment as one risk unit.
Copper (COMEX) sits at the top of its two-year range (99%). Where price sits within its own distribution matters more for mean-reversion work than the headline percentage change.
Structurally, our regional matrix flags 6 positions in this segment as tight or in deficit. The clearest is Copper in North America, which accounts for roughly 6% of world supply. The binding constraint: permitting timelines against grid electrification demand. Similar tightness sits across Central & Southern Africa, South America.
Price-setting power concentrates in a small number of regions: South America (Copper, ~38%), Central & Southern Africa (Cobalt, ~70%), Central & Southern Africa (Copper, ~16%). Concentration of this order means a policy or logistics event in one jurisdiction transmits to the global curve directly — the reason we track regional balance alongside price.
| Instrument | Price | Day | 30d | 1y | Vol (ann.) |
|---|---|---|---|---|---|
| Copper (COMEX) | 6.68 USD/lb | +0.0% | +6.1% | +50.1% | 20% |
| Lithium (proxy) | 74.18 USD | -0.4% | — | — | — |
| Cobalt (proxy) | 820.00 USD | -7.6% | — | — | — |
| Nickel (proxy) | 28.40 USD | +0.0% | — | — | — |
| Rare Earth (proxy) | 75.66 USD | -0.5% | — | — | — |
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