S&P publishes consensus metal price forecasts from 35 different brokers every month.

The latest figures, taken on January 31, showed the consensus forecast for cobalt in 2022 had been lifted 10.5% to US$26.60 per pound, while tin was bumped 13.8% to $13.70/lb.

Tightness in the tin market has been driven by the closure of a key border crossing between China and Myanmar, leading to a 56% drop in tin imports in November. In December, major Chinese smelter Gejiu Kaimeng closed down its refinery for routine maintenance.

Cobalt prices more than doubled last year, and with no sign of supply tightness easing and EV-related demand on the rise, prices have continued their upward trajectory through the early weeks of 2022.

There were also significant price upgrades for other metals, with zinc garnering a 8.9% bump to $1.38/lb for 2022.

Sentiment was more bearish for precious metals, with gold registering a 0.32% reduction to $1803/oz, and silver a 1.18% decrease to $23.90/oz.