Galico Bullish about China Cobalt price Trend

SHANGHAI, Mar. 26 -- "Although cobalt inventories are high and supply surpasses demand in China, we still bullish about cobalt price trend in China due to increased demand from battery industry " said Shao who is from Zhejiang Galico Cobalt & Nickel Material Co., Ltd. at a Minor Metals Conference in Hong Kong.

It was also reported that the company planned to increase its capacity by 60% to produce 4kt of cobalt metal in 3Q. Shao also emphasized that bullish demand from South Korea made the company want to extend its business from cobalt concentrate trading into the end-user market.

In addition, the company also expressed interest in trading in cobalt futures on the LME.

(Edited by SM)