Cobalt prices continued to retreat this Thursday

This week, the spot price of Co3O4 in the market continued to experience a correction. In terms of supply, market activity remained low after the holiday. Smelters generally lowered their quotes and increased their willingness to sell at a concession, leading to further downward pressure on spot prices due to the emergence of lower-priced cargoes. On the demand side, LCO enterprises primarily purchased for essential production needs, lacking the intention to build up inventories. They generally adopted a cautious wait-and-see attitude, with a clear sentiment to drive down prices, resulting in sluggish market inquiries. It is expected that next week, the purchasing sentiment of end-users will remain weak, with insufficient support from the demand side, and spot prices will continue to be under pressure.