@Mutley8 It is not just the cash price that is below $30k but also the 3 month and 15 month buyer price.
https://www.lme.com/en-GB/Metals/Minor-metals/Cobalt#tabIndex=0
So pretty obviously the market has priced in lower cobalt prices for longer. If March was seen as the bottom, then 3 month and 15 month prices would be higher than cash.
