[Minor metal] Manganese Price Lacks Support

SHANGHAI, May 26 (CBI China) -- Demand remained weak in domestic cobalt salt market, leading to continuous declines in the price. Cobalt chloride was mainly traded at RMB 65,000/mt, while cobalt sulfate was mainly traded in the RMB 58,000-60,000/mt range.
&nbsp;&nbsp;&nbsp; It is reported that a portion of domestic cobalt chloride producers sold off part of their inventories due to capital flow problem. Additionally, some traders were pessimistic toward the market outlook, leading to more sell-off activities. In this context, the cobalt chloride prices continued to fall to current RMB 64,000-65,000/mt from last week level of RMB 68,000/mt. The producers without capital problem were firmed with their offers at RMB 68,000/mt. 
&nbsp;&nbsp;&nbsp; CBI believes any downward room for cobalt chloride price will be limited, and RMB 60,000/mt will be the next important support level for the price. 
&nbsp;
Copyright ? 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
None of this material may be used for any commercial or public use in any form or means, without the prior written consent of CBI China. For reproduction issue, please contact us by email: <A href="mailto:metalresearch@cbichina.com">metalresearch@cbichina.com</A> or tel:86-21-51550040