Metals News
SMM Weekly Forecast on China's Cobalt Market (May 31-Jun.4)
smm insight
May 28,2010

SHANGHAI, May 28 (SMM) -- Prices of refined cobalt slipped relatively significantly this week and whether or not prices can stay stable next week shall mainly depend on the price performance in overseas market. Possibility for brand name refined nickel to fall below RMB 350,000/mt is low. 

Prices of other cobalt products all fell to different extent and price performance of refined cobalt shall closely related to price performance of cobalt ore. If prices of cobalt ore remain firm, any room for refined cobalt prices to fall is limited. As the possibility for cobalt ore prices to fall below USD 14/lbs is low, it will be appropriate to purchase refined cobalt between RMB 74,000-75,000/mt. In this context, speculative buying is expected to increase at such price level.

Mainstream traded prices of cobalt chloride may fell around RMB 75,000/mta and prices of spot tricobalt tetroxide may fall to RMB 245-248/kg. Prices of lithium cobalt oxide will move around RMB 250,000/mt.

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