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SMM Weekly Forecast on Cobalt Market
SHANGHAI, Aug. 13 (SMM) -- Demand for cobalt from downstream industries still hasn't improved in China, and remains sluggish, failing to lend support for cobalt series products.
Prices of cobalt concentrate (excluding copper) were temporarily stable between USD 12.5-13/lbs, helping support domestic cobalt series products. Low-end prices of cobalt salt stay stable, but momentum for prices to climb sustainably is weak.
Supply of cobalt from Jinchuan Group is tight and whether or not Jinchuan Group will lift cobalt prices shall become the key factor affecting price trend of domestic refined cobalt.
SMM believes that current price movement of LME cobalt prices will greatly affect prices and trading volumes of domestic refined cobalt and cobalt salt. If LME cobalt prices remain stable, domestic cobalt series products will also stay temporarily stable.
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