SunSirs: Summary of Domestic Cobalt Market Trends on December 5th
December 06 2023 14:03:40 SunSirs (John)
Price trend
On December 5th, the domestic cobalt metal quotation was between 206,000 and 227,000 RMB/ton, with a decrease of 2,000 RMB/ton.
Analysis review
The global sales of new energy vehicles have slowed down, with the production and installation of ternary batteries increasing month on month, and the proportion of ternary batteries decreasing; Emerging markets such as digital wearables have experienced poor growth, VR device sales have plummeted, mobile phone and 3C electronic product sales have increased, and demand in the cobalt market has increased. The supply of cobalt salt is sufficient, and the price of cobalt salt has fluctuated and fallen. The price of lithium cobalt oxide has also fallen, which has weak positive and negative effects on the cobalt market. In the global market, Glencore's cobalt production in Mutanda, Congo will decrease by 15%, while Luoyang Molybdenum Industry's cobalt production in the third quarter hit a record of 18,000 tons, an increase of 24.8% compared to the previous quarter. Gecamines, a state-owned mining group in the Democratic Republic of Congo, is attempting to establish its own inventory and engage in metal trading.
Market outlook
The international cobalt price has fluctuated and fallen, and the international cobalt market is weak and declining. The overall upward momentum of the cobalt market is weakened, and downward pressure still exists.
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