European cobalt metal traders bullish about price trends
2023-03-17 10:31:52 [Print]
BEIJING (Asian Metal) 17 Mar 23 - As some buyers and investment companies became active in purchasing, European cobalt metal 99.8%min suppliers held back from selling and lifted prices over the past week. As a consequence, the current cobalt metal 99.8%min mainstream prices in Europe rose to USD16.1-16.5/lb in warehouse Rotterdam, up by around USD0.4/lb from one week ago. As sellers still delay selling, insiders forecasted that the cobalt metal 99.8%min mainstream prices in Europe would move up further in the upcoming week.
A European trader revealed that he lifts cobalt metal 99.8%min quotation to about USD16.5/lb in warehouse Rotterdam and refuse to accept any counteroffer now, while he considered selling at around USD16.0/lb one week ago. He last sold 10t at around USD15.7/lb early this month. "I noticed that some buyers and investment companies became active in purchasing, so we plan to keep increasing cobalt metal 99.8%min prices in the coming week," said the trader, who forecasted that the cobalt metal 99.8%min mainstream prices in Europe would go up further in the coming week as suppliers hold back from selling.
With a typical monthly trading volume of 150t of cobalt metal 99.8%min, the trader expects a sales volume of around 140t this month, without much change MoM. He sold approximately 1,800t and 350t respectively in 2022 and so far in 2023. He holds an inventory of around 150t at present, in line with mid-February.
Another European trader noted that he quotes around USD16.5/lb in warehouse Rotterdam for cobalt metal 99.8%min and has intention to sell at about USD16.2/lb at present, while he agreed to sell at about USD15.8/lb one week ago. "I concluded my latest sale early this week, when I sold six tons at around USD16.0/lb," said the trader, who received more inquiries from his clients over the past week but he plans to hold stocks for a while as he predicted that the prices still have room to go up in the forthcoming week.
The trader, with a typical monthly trading volume of 80t of cobalt metal 99.8%min, estimates to sell around 80t in March, without much change MoM. He sold around 200t so far in 2023, compared with approximately 1,000t in 2022. He has around 150t of stocks now, without much change MoM.
A European trader revealed that he lifts cobalt metal 99.8%min quotation to about USD16.5/lb in warehouse Rotterdam and refuse to accept any counteroffer now, while he considered selling at around USD16.0/lb one week ago. He last sold 10t at around USD15.7/lb early this month. "I noticed that some buyers and investment companies became active in purchasing, so we plan to keep increasing cobalt metal 99.8%min prices in the coming week," said the trader, who forecasted that the cobalt metal 99.8%min mainstream prices in Europe would go up further in the coming week as suppliers hold back from selling.
With a typical monthly trading volume of 150t of cobalt metal 99.8%min, the trader expects a sales volume of around 140t this month, without much change MoM. He sold approximately 1,800t and 350t respectively in 2022 and so far in 2023. He holds an inventory of around 150t at present, in line with mid-February.
Another European trader noted that he quotes around USD16.5/lb in warehouse Rotterdam for cobalt metal 99.8%min and has intention to sell at about USD16.2/lb at present, while he agreed to sell at about USD15.8/lb one week ago. "I concluded my latest sale early this week, when I sold six tons at around USD16.0/lb," said the trader, who received more inquiries from his clients over the past week but he plans to hold stocks for a while as he predicted that the prices still have room to go up in the forthcoming week.
The trader, with a typical monthly trading volume of 80t of cobalt metal 99.8%min, estimates to sell around 80t in March, without much change MoM. He sold around 200t so far in 2023, compared with approximately 1,000t in 2022. He has around 150t of stocks now, without much change MoM.
