SunSirs: The Domestic Cobalt Price Stopped Falling on February 2
February 06 2023 14:18:03 SunSirs (John)
On February 2, domestic cobalt price stopped falling and rose
According to the data monitoring of SunSirs, as of February 2, the domestic cobalt price was 297,000 RMB/ton, up 0.27% from the cobalt price of 296,200 RMB/ton on February 1. On February 2, the domestic cobalt price stopped falling and rose.
Analysis review
The cobalt price in LME market stabilized, the decline of MB cobalt price slowed down, and the decline of international cobalt price slowed down; The domestic economy recovered, the production and sales of new energy vehicles might rise more than expected, the sales of mobile phones were expected to warm up, and the demand of cobalt market was expected to warm up; The cobalt price was close to the cost line, and the decline space of cobalt price was limited. The import of cobalt raw materials had increased significantly, the supply of cobalt market was sufficient, and the support of cobalt price rise was insufficient.
Market outlook
The decline of the international cobalt price slowed down, the demand was expected to warm up, the decline space of the cobalt price was limited, the supply of the cobalt price was sufficient, and the support for the rise of the cobalt price was insufficient. It is expected that the cobalt price will fluctuate to stabilize in the future.
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