Battery metal weekly report: lithium price continues strong cobalt price action can weaken [agency review]

SMM survey: what kind of metal do you like most in 2022?

Summary:

Lithium: lithium concentrate, lithium carbonate, lithium hydroxide, lithium iron phosphate, lithium cobalt with a cycle ratio of + 7.63%, + 12.1%, + 5.5%, + 3.6%, + 1.01%. Lithium prices remain strong in the near future, and the continued high economic situation in the industry will stimulate lithium prices to continue to rise.

Cobalt: cobalt concentrate, electrolytic cobalt, cobalt sulfate, cobalt tetroxide + 2.23%, + 2.70%, + 1.2%, + 1.08%. Phased replenishment of the stock is coming to an end, the action on the cobalt price can be weakened to a certain extent, but the cost end has a strong support for the cobalt price, mainly shock in the short term, and may continue to rise in the medium and long term.

Nickel: nickel beans, battery grade nickel sulfate cycle ratio-0.85% and-2.70%. In view of the upstream supply-side production, nickel futures short-term pressure, it is recommended to wait and see.

Overseas: as of December 17, 2021, COMEX lithium settlement price is 38.63USD / kg, week-on-month ratio + 38.71% LME 3-month cobalt futures settlement price US $70500 / ton, week-on-month ratio + 0.34% LME 3-month nickel futures closing price is US $19620 / ton, week-on-month ratio-2.30%.

Domestic: as of December 17, 2021, cobalt closed at 483.5 yuan / kg, with a weekly ratio of + 1.85%; nickel closed at 144650 yuan / ton, with a weekly ratio of-2.31%.

Conclusion: the supply and demand of lithium continues to tighten, and the price is expected to remain upward; the price of cobalt fluctuates mainly under the support of cost, and the long-term price is still strong; the fundamentals of nickel are weak and take a wait-and-see attitude.

Hot spot tracking: production and marketing of new energy vehicles and price increases in the battery industry