Glencore Uses Wuxi Cobalt Stocks to Meet Supply Contracts
Glencore is drawing cobalt from China's Wuxi exchange to meet battery maker contracts. Supply is limited by export quotas in the Democratic Republic of Congo.
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The global commodity trader Glencore plc has reportedly turned to domestic stock exchanges in China to fulfill its supply commitments to electric-vehicle battery manufacturers. Sources indicate that the firm has withdrawn significant volumes of cobalt from the Wuxi exchange due to a tightening global supply chain, primarily linked to export restrictions in the Democratic Republic of the Congo.
