Pre-‘twin sessions’ optimism underpins spot cobalt metal price in China

Cobalt metal prices in China rose by 2% in the first half of this week, with sentiment improving amid growing expectations of further stimulus measures being announced during the Chinese People’s Political Consultative Conference (CPPCC) on Thursday May 21 and the National People’s Congress (NPC) on Friday.

Fastmarkets’ price assessment for cobalt 99.8% Co min, ex-works China was 245,000-255,000 yuan ($34,504-35,913) per tonne on Wednesday, up by 5,000 yuan per tonne from 240,000-250,000 yuan per tonne on May 15. The latest assessment is equivalent to $13.80-14.40 per lb, minus value-added tax.

Cobalt futures in China have also performed strongly, with appetite among speculators picking up ahead of the two annual sittings of the CPPCC and NPC, or the “twin sessions”, which were postponed in February due to the...

Published

Susan Zou

May 21, 2020

09:54 GMT

Shanghai