SHANGHAI, Dec. 3 (SMM) -- Given the sluggish demand, bearish sentiment, and the fact that cargo-holders moved goods at losses as well as from unstable overseas cobalt prices released on MB website, SMM expects that domestic cobalt market will maintain current sluggish condition.
As domestic cobalt prices reacted sensitively towards overseas cobalt prices, SMM expects that refined cobalt (99.8%) price will fall to between RMB 285,000-305,000/mt.
As large suppliers were unwilling to move goods at low price, supply of low-price cobalt salt disappeared. It is expected that prices in the next week for cobalt chloride and cobalt sulfate will remain unchanged from this week. SMM expects that prices for cobalt sulfate will move between RMB 67-70/kg and prices of cobalt sulfate will move between RMB 58.5-60.5/mt in the following week.
With decline in cobalt salt prices, prices for tricobalt tetraoxide will move between RMB 220-225/kg in the following week.
As tricobalt tetraoxide was purchased by lithium cobalt oxide producers at prices above RMB 235/kg previous, any room for lithium cobalt oxide to fall further will be limited. SMM expects that prices for lithium cobalt oxide will move between RMB 235-237/kg in the following week.
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