Cobalt prices rose in shock this week

According to the data monitoring of SunSirs, the cobalt price fluctuated and rose this week. As of August 29, the cobalt price was 357,400 RMB/ton, an increase of 3.12% from the cobalt price of 346,600 RMB/ton on August 21 last weekend.

On August 28, the cobalt commodity index was 128.27, the same as previous day, down 46.31% from the highest point in the cycle (238.91 points (2018-04-15)), and up 83.66% from the lowest point of 69.84 points on July 05, 2016. (Note: The cycle refers to 2011-09-01 to the present). International cobalt prices rose, stimulating domestic cobalt prices to rise in shock.

International cobalt prices rose

It can be seen from the cobalt price chart of MB and LME that this week, MB and LME cobalt prices rebounded and adjusted, and international cobalt prices stopped falling and rose. The rise in international cobalt prices stimulated domestic cobalt prices to follow up. However, the supply and demand of the overall cobalt market were relatively balanced, and the driving force for the continuous rise of cobalt prices was insufficient.

Market overview

The data analyst of SunSirs believes that due to the impact of domestic purchases and storage and power cuts in Sichuan, the domestic cobalt price fluctuates and rises, but the overall supply and demand balance has not fundamentally changed, and the rise in cobalt prices is not supported enough. However, as the international cobalt price stopped falling and rose, it stimulated the domestic cobalt market to rise. In the future, the power curtailment will be lifted one after another, the start-up of enterprises will resume slowly, and the supply and demand of the cobalt market will return to balance. It is expected that the cobalt price will stabilize strongly in the future.

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