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[Minor metal] Domestic Cobalt Market Remains Bearish

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[Pb] SMM Morning Review - 2009/11/4 Lead Market

SHANGHAI, Nov. 4 (SMM) -- Transactions were lackluster in domestic cobalt market due to soaring cobalt prices. Mainstream offers were RMB 350,000-370,000/mt for refined cobalt, RMB 75,000-78,000/mt for cobalt chloride, RMB 245,000/mt for cobalt oxide (II, III), and RMB 250,000/mt for lithium cobalt oxide.
&nbsp;&nbsp;&nbsp; Spot supply was tight in international markets, while supply of spot goods and raw materials was sufficient in domestic market, hampering any upward movement for domestic cobalt prices. Although supply surplus exists in domestic market, cobalt prices still find solid support currently.
&nbsp;&nbsp;&nbsp; First, raw material prices climbed steadily. The rainy season began in Congo, increasing the difficulties in ore mining and transportation and helping reduce the market supply before 2Q 2010. In addition, transportation costs advanced due to rising oil prices, which also helped drive up raw material prices.
&nbsp;&nbsp;&nbsp; Second, market demand improved along with global economic recovery.
&nbsp;&nbsp;&nbsp; Third, many countries implemented large-scale financial stimulus policies in order to boost domestic demand, resulting in global capital oversupply and increasing the inflation pressure, and metals and other commodities prices remain high as a result of inflation expectations.
&nbsp;&nbsp;&nbsp; SMM believes domestic cobalt prices will still receive support recently despite of no marked improvement in downstream demand, and cobalt products prices will continue to move up steadily.
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[Minor metal] Guizhou and Guangxi Governments to Raise Electricity Price in Late November

[minor-metal]-domestic-cobalt-market-remains-bearish

[Minor metal] Domestic Cobalt Market Remains Bearish | SMM

[Minor metal] Domestic Cobalt Market Remains Bearish

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