SMM Weekly Forecast on China's Cobalt Market

SHANGHAI, Sep 30(SMM)--Next week is the National Day holiday, and domestic cobalt prices will still track LME prices after the holiday.

The LME cobalt prices may fall during the National Day holiday due to the decline of LME cobalt ore prices this week. Domestic cobalt are in weak demand , however boosted by the LME cobalt prices, as a result , domestic cobalt prices are under pressure to fall. It is anticipated that domestic cobalt prices may track LME prices and fall between RMB 340,000-360,000/mt after the holiday.

Cobalt products will mainly stand steady after the National Day holiday, but will follow the LME cobalt prices during the holiday. Cobalt prices are subject to dip but will be slowly with support of cost.

SMM forecasts that the high offers of cobalt salt will not exist and the transaction prices will remain at the level before the holiday. As the inventories of downstream enterprises have been finished, the market of cobalt salt will remain weak after the holiday, and the offers quoted by the cobalt salt suppliers will be lower in response of the decline of LME cobalt prices. The transaction prices of cobalt chloride will remain at RMB 74/kg, and cobaltous sulfate will fluctuate around RMB 64/kg after the holiday.
Tricobalt tetraoxide spot prices will remain at RMB 243/kg after the National Day holiday and lithium cobalt oxide spot prices will fluctuate between RMB 243-247/kg.

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