Firm Cobalt Prices from the US, Sluggish Transactions in Europe

SHANGHAI, Feb. 1 (SMM) -- According to sources from overseas market, cobalt prices remained stable in overseas market. Traded prices of 99.3% cobalt were around USD 22/lbs, with transactions mainly in the US, and traded prices of 99.8% refined cobalt were still in the USD 22.5-23.5/lbs range.

Market views were divided towards cobalt price trend in the future. Those that see prices at current levels or higher point to the relative tightness of metal. It was reported that Norilsk Nickel is not offering material to traders and Moroccan producer CTT have no spot material to offer at the moment neither. According to resources, union workers at Xstrata's operations in Sudbury will strike on Monday if they fail to reach an agreement with management. The project may face risks of production suspension. The project offers raw materials to Nikkelverk refinery in Norway which produces Falconbridge cobalt. Tight supply mainly from the US and transactions were reported to be sluggish in Europe. It was reported that transactions of 99.3% refined nickel were sluggish, and traded prices of 99.3% refined nickel were lower. According to traders, nickel from Russian were sold at USD 20.5-21.5/lbs in Rotterdam, and were sold at USD 20.8/lbs in Asia.

To contact the writer on this report: fergiewang@smm.cn

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