SHANGHAI, Mar. 30 (SMM) -- China's cobalt prices in domestic market have advanced along with rising LME cobalt prices sine last week, but transactions in China's domestic market was not brisk. It was reported that mainstream traded pries of refined nickel from Jinchuan Group were at RMB 395,000/mt, and mainstream traded prices of imported nickel from Zambia were at RMB 375,000/mt.
SMM believes that soft transactions in China's refined cobalt market are due mainly to domestic inventories and the impending arrivals of cargoes, and the oversupply situation hasn't changed substantially. In this context, any momentum for prices to climb up is weak. SMM believes that prices of 99.8% refined may have difficulty in exceeding RMB 400,000/mt.
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