[SMM Analysis] This week, the spot price of Co3O4 declined slightly

This week, the spot price of Co3O4 declined slightly. In terms of supply, the market was sluggish, with some smelters voluntarily lowering their quotes and increasing their willingness to sell. However, overall trading activity remained limited. On the demand side, some enterprises had already completed their necessary procurement tasks and showed reduced acceptance of high-priced Co3O4, leading to a decrease in transaction volumes. It is expected that after the holiday, as the inventory of LCO manufacturers is gradually depleted and there is a certain demand for stockpiling, a new wave of procurement may be triggered. Therefore, the spot price of Co3O4 is expected to fluctuate at highs.