Glencore held stocks of 12,797 tons of cobalt at the end of 2019

Glencore's Katanga operation in Africa held unsold stocks of 12,797 tonnes of battery material cobalt with a current market value of more than $400 million at the end of last year, statements from Katanga show.

Its cobalt stocks at the end of 2018 stood at 3,769 tonnes.

Toronto-listed Katanga Mining, mostly owned by London-listed Glencore produced 17,054 tonnes of cobalt contained in hydroxide last year and sold only 4,257 tonnes over the same period.

"These stocks have been hanging over the market and held down prices," a cobalt trader said, adding that a lot of cobalt material destined for top consumer China was stuck in ports because people were in quarantine due to the coronavirus.

.Asian Metal Copyright Toronto-listed Katanga Mining, mostly owned by London-listed Glencore produced 17,054 tonnes of cobalt contained in hydroxide last year and sold only 4,257 tonnes over the same period.Asian Metal Copyright