Why Are Hedge Funds Buying Up Physical Cobalt?

Cautious optimism is creeping back into the cobalt metal market as hedge funds move to physical purchases of the battery metal as prices slump to seven-year lows. With oversupply conditions and slumping electric vehicle demand, the market could soon find balance, given cobalt's critical role in the energy transition toward a net-zero future.  According to Bloomberg, citing people familiar with the matter, Anchorage Capital Advisors and Squarepoint Capital LLP have quietly purchased physical cobalt.  Squarepoint has been buying cobalt…