SHANGHAI, May 7 (SMM) -- Domestic cobalt prices have been lower than overseas cobalt prices for a month, and imports of refined cobalt was negatively affected as a result. Compared with overseas cobalt prices, recent domestic cobalt prices experienced limited decline. Supply of cobalt from Jinchuan Group and Zambia was relatively tight, and prices of cobalt from Jinchuan Group and Zambia are expected to remain stale as a result. SMM predicts that refined cobalt from Zambia will receive support at RMB 380,000/mt and prices of refined cobalt from Jinchuan Group will be traded at RMB 400,000/mt.
Costs of cobalt chloride were around RMB 80,000/mt according to current ore prices, and relatively large speculative buying will be attracted when prices were between RMB 75,000-76,000/mt, so prices of cobalt chloride will receive support at RMB 75,000/mt, and prices of cobalt sulfate will receive support at RMB 65,000/mt.
Prices of spot tricobalt tetroxide will fall between RM 250-253/kg and prices of lithium cobalt oxide will still fluctuate around RMB 255,000/mt.
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