Domestic cobalt prices fell on October 20
On October 20, domestic cobalt prices fell. As of October 20, the cobalt price was 400,800 yuan/ton, which was down from 403,000 yuan/ton on October 19 of the previous trading day, a decrease of 0.55%; compared with the beginning of the month on October 1st, the cobalt price was 381600 yuan/ton, an increase of 5.03%. . Cobalt prices fell on the 20th, and the upward momentum of the cobalt market still exists.
South African strike may affect cobalt transportation
According to reports, South African industrial and trade union officials stated that the National Union of Metal Workers of South Africa (NUMSA) has organized about 155,000 members in the industry. After the negotiations with employers’wage increases were deadlocked and arbitration failed, South Africa’s largest engineering metal workers’union An indefinite strike was launched on October 5, demanding a salary increase. The strike has not spread to the port and transportation industry for the time being, but the continued strike will inevitably affect other industries in South Africa, have a certain impact on South Africa's ports and transportation, or affect the transportation of cobalt raw materials.
Market summary
The strike in South Africa has a certain impact on cobalt transportation, but the overall supply and demand of the cobalt market are still in balance. The cobalt market’s rising support is limited. The international cobalt price continues to rise slightly, and the domestic cobalt price rises support still exists. It is expected that the cobalt price will fluctuate slightly in the future.
Related listed companies: Huayou Cobalt (603799), Hanrui Cobalt (300618), Luoyang Molybdenum (603993).
