Whilst correct in saying the cobalt by product will increase...

Whilst correct in saying the cobalt by product will increase with more copper output, you are assuming that there is a linear progression/ association to the amount of cobalt produced via the increasing copper & the demand curve for cobalt.

Is the DEMAND ratio 1:1 for (copper:cobalt) as EV cars ramp up. I don't think so.

SUPPPLY ratio (copper:cobalt) will remain the same at whatever the current mines grading is. ie dig more ore, supply more of each element at the same ratio

I would agree if the EV was not in the equation as current demand is/ can be met by current mining methods & that is why the price is where it is.

These giga factories will need more supply of Cobalt to get to their production ramp up capacity.

EV uptake (& subsequent demand) is the catalyst that will drive the prices.

Don't have the time to look for a chart, but have seen a chart showing forward demand of copper, cobalt, Lithium. Does somebody have that handy, otherwise I'll have a dig around tonight if I get the time.