[Minor metal] Cobalt Price up in Domestic Market

SHANGHAI, June 2 (CBI China) -- Inquiries were up in cobalt market propelled by rising copper and nickel prices, and cobalt prices increased as well. Cobalt metal prices have been lifted to RMB 290,000/mt; cobalt chloride prices remained at RMB 68,000/mt.

    It is reported that market players` prediction over inflation and the depreciation of US dollar helped crude oil price to continue to rise and exerted upward momentum for metal markets. Hence, copper and nickel prices rose significantly. Cobalt price rose as well. Although current downstream demand remained weak, and the price rise lacked supports from fundamentals, prices of refined cobalt and cobalt salt ended their downward trend and stabilized. CBI believes there will be thin possibility cobalt price will rise tracking copper and nickel price trend. So cobalt price is expected to remain at current level in a short term.

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