Chinese cobalt sulfate pricing dropped to $4,938 per metric ton in late May, the lowest value since December 2015. Cobalt costs, in part, have led to the 44% decline in the Commodity IQ LCO Battery Index from January to mid-June. Lithium cobalt oxide (LCO) batteries are prized for their ability to delivery power for relatively long periods under low loads and are common to smartphones, laptops, and other small electronic devices.