SHANGHAI, Jun. 11 (SMM) -- Transactions were sluggish for refined cobalt, with strong wait-and-see sentiment in the market. If overseas cobalt prices continued to fall, domestic prices will also follow the trend, resulting in more sluggish transactions by then. However, as current prices are already lower than costs, suppliers quoted offers with limited decline. Mainstream traded prices of cobalt chloride were around RMB 72,000/mt, and mainstream spot traded prices of tricobalt tetroxide were around RMB 240/kg. Traded prices of lithium cobalt oxide will move between RMB 245,000-255,000/mt.
Bottom fishing buying from downstream lithium sector has increased recently. Market players are recommended to focus on transactions of lithium cobalt oxide in the following week. It is known that price increases of cobalt series products came after lithium cobalt oxide price increases over the past two years when bottom fishing buying pushed up lithium cobalt oxide prices.
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