SHANGHAI, Dec. 17 (SMM) -- Although oversupply situation for cobalt hasn’t changed, domestic cobalt prices are still expected on upward track in the following week due to price increase in overseas market as well as buying from speculators and bullish market sentiment. However, sluggish demand will restrict price rising range.
Boosted by overseas price rally, market sentiment improved to great extent in domestic market. SMM expects that domestic refined cobalt prices shall at least grow by RMB 5,000/mt, and mainstream traded prices of cobalt will be between RMB 30,000-315,000/mt. Close attention should be paid to whether or not Jinchuan Group will raise cobalt prices.
Weighed by poor fundamentals, upward momentum for cobalt salt prices were relatively weak. SMM expects that cobalt salt prices will grow slightly by RMB 1,000/mt in the following week. Prices of cobalt chloride will move between RMB 67-71/kg and prices for cobalt sulfate will be temporarily stable between RMB 58-61/kg in the following week.
Prices for tricobalt tetraoxide will also move up slightly a long with cobalt chloride, and are expected to stay between RMB 222-227/mt in the following week.
Affected raw material price hike, prices for lithium cobalt oxide will be traded between RMB 234-237/kg in the following week.
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