South Korea's SK Innovation signs Glencore cobalt supply deal
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LONDON (Reuters) - South Korean battery maker SK Innovation has signed a six-year deal to buy up to 30,000 tonnes of cobalt from miner Glencore , allowing it produce batteries for 3 million electric vehicles. Hit by oversupply, cobalt prices have shrunk from $95,000 (74,045 pounds) per tonne in May 2018 to around $35,000 now. The slump has weighed on Glencore's share price and prompted the company to reduce output of the battery metal.Analysts predict, however, demand will recover as the..