SunSirs--China Commodity Data Group

Member ID: password: Join Now!
Commodity News

SunSirs: Cobalt Market Keeps Rising after the Festival

January 09 2020 13:08:13     SunSirs (Linda)

1. Trend analysis

According to the data monitoring of SunSirs, the domestic cobalt price rose steadily after new year's festival. As of January 7, the price of cobalt was 271,166.66RMB/ton, up 1.75% from the average price of 266,500.00RMB/ton on December 31. Cobalt price rises steadily in the new year. Will the market continue in 2020? How much will the future increase?

2. Market analysis

From the trend chart of LME cobalt price, it can be seen that after the new year's day, the price of LME market rose after the fall, and the international cobalt market recovered, but the overall upward momentum is limited, and the future market is good, but the risk of catching up is large.

Domestic cobalt market analysis (Unit: ton)

Date

Inventory

Settlement

2020-Jan-7

451.5

 

2020-Jan-6

448

2

2020-Jan-3

390

2

2020-Jan-2

390.75

1.5

2019-Dec-31

400

9.25

2019-1Dec-30

378

2

2019-Dec-27

379.25

1.25

2019-Dec-26

251.5

1.25

2019-Dec-25

248

3.5

2019-Dec-24

231

3

2019-Dec-23

243.5

27.5

2019-Dec-20

256

11.5

 

It can be seen from the inventory table of Wuxi stainless steel trading center that with the increase of market cobalt price in recent years, the cobalt inventory of Wuxi stainless steel trading center market has increased substantially, while the volume of transactions has not increased significantly. There are still a lot of social stocks in the market. When the price of cobalt rises, the stock cobalt is put into the market to cash out. The supply of cobalt market is sufficient, and the rising power of later cobalt market is insufficient.

3. Future prospects

According data analysts of SunSirs, domestic cobalt price continued its previous trend after new year's day, and the price of cobalt fluctuated and rose. However, relatively speaking, this wave of price trend was relatively stable, and the price of cobalt rose slightly and steadily. From the international and domestic market environment, it is not difficult to see the reasons for this trend. In the international market, the LME cobalt price rises after the new year's day, and the MB market cobalt price rises, which has a certain positive impact on the domestic cobalt market. In the domestic market, the social inventory of the cobalt market is still large, the supply of the cobalt market is sufficient, the rising power of the cobalt market is limited, and the rising trend of the cobalt price slows down. As the Spring Festival approaches, domestic manufacturers prepare goods in advance, and customers The short-term increase of cobalt market demand has a certain role in promoting the price of cobalt. However, with the end of the Spring Festival stock up, the price of cobalt has lost its support, and the price of cobalt will return to stability. Generally speaking, the recent cobalt market has a certain increase support, but the positive momentum is insufficient. In the future, the cobalt price will mainly maintain strong stability, or rise slightly in the short term.

Relevant lwasted companies: Huayou Cobalt Industry(603799), Nanjing Hanrui Cobalt Co.,Ltd.(300618) and China Molybdenum Co.,Ltd.(603993).

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.

Energy
Chemical
Rubber & plastics
Textile
Non-ferrous metals
Steel
Building materials
Agricultural & sideline products