European sellers bearish about cobalt metal price trends
2023-04-21 10:06:54 [Print]
BEIJING (Asian Metal) 21 Apr 23 - Dragged by buyers' wait-and-see attitudes, the European cobalt metal 99.8%min market saw slow buying activities over the past week. The current cobalt metal 99.8%min mainstream prices in Europe slid to USD16.3-16.5/lb in warehouse Rotterdam, down by around USD0.2/lb from one week ago. As consumers purchase inactively, European cobalt metal 99.8%min sellers hold bearish attitudes towards the demand outlook. Insiders forecasted that the cobalt metal 99.8%min mainstream prices in Europe would go down further in the coming week.
A European trader forecasted that the cobalt metal 99.8%min mainstream prices in Europe would slide by around USD0.3/lb in the upcoming week as a result of consumers' wait-and-see attitudes. He lowers cobalt metal 99.8%min quotation to about USD16.5/lb in warehouse Rotterdam and considers selling at around USD16.3/lb now, while he refused to sell at prices below USD16.5/lb one week ago. "I last sold five tons of cobalt metal 99.8%min at about USD16.3/lb early this week," said the trader, who failed to receive any inquiries after his last sale.
With a typical monthly trading volume of 150t of cobalt metal 99.8%min, the trader expects to sell around 140t this month, without much change MoM. He sold approximately 1,800t and 350t respectively last year and so far this year. He holds an inventory of around 150t now, in line with one week ago.
Another European trader predicted that the cobalt metal 99.8%min mainstream prices in Europe still have room to go down in the upcoming week due to weak demand from consumers. He quotes around USD16.7/lb in warehouse Rotterdam and has intention to sell at about USD16.5/lb now, while he had no intention to sell at prices below USD16.8/lb one week ago. He concluded his latest sale early this week, when he sold five tons at around USD16.8/lb. "My clients held wait-and-see attitudes and I failed to get any cobalt metal 99.8%min inquiries over the past four days," said the trader.
The trader, with a typical monthly trading volume of 80t of cobalt metal 99.8%min, sold about 300t so far this year, compared with approximately 1,000t last year. He expects to sell around 70t this month, down by 20t MoM. He holds an inventory of around 120t now, a decline of 20t MoM.
A European trader forecasted that the cobalt metal 99.8%min mainstream prices in Europe would slide by around USD0.3/lb in the upcoming week as a result of consumers' wait-and-see attitudes. He lowers cobalt metal 99.8%min quotation to about USD16.5/lb in warehouse Rotterdam and considers selling at around USD16.3/lb now, while he refused to sell at prices below USD16.5/lb one week ago. "I last sold five tons of cobalt metal 99.8%min at about USD16.3/lb early this week," said the trader, who failed to receive any inquiries after his last sale.
With a typical monthly trading volume of 150t of cobalt metal 99.8%min, the trader expects to sell around 140t this month, without much change MoM. He sold approximately 1,800t and 350t respectively last year and so far this year. He holds an inventory of around 150t now, in line with one week ago.
Another European trader predicted that the cobalt metal 99.8%min mainstream prices in Europe still have room to go down in the upcoming week due to weak demand from consumers. He quotes around USD16.7/lb in warehouse Rotterdam and has intention to sell at about USD16.5/lb now, while he had no intention to sell at prices below USD16.8/lb one week ago. He concluded his latest sale early this week, when he sold five tons at around USD16.8/lb. "My clients held wait-and-see attitudes and I failed to get any cobalt metal 99.8%min inquiries over the past four days," said the trader.
The trader, with a typical monthly trading volume of 80t of cobalt metal 99.8%min, sold about 300t so far this year, compared with approximately 1,000t last year. He expects to sell around 70t this month, down by 20t MoM. He holds an inventory of around 120t now, a decline of 20t MoM.
