On January 16th, the price of cobalt powder (-200 mesh, -300 mesh) in the Shanghai spot market rose, with quotations ranging from 542 to 580 yuan per kilogram and an average price of 561 yuan per kilogram, representing an increase of 3.5 yuan per kilogram compared to the previous trading day.
PriceSeek's analysis of cobalt assigns a long-short score of +1. The article reports a significant rise in the price of cobalt powder in the Shanghai spot market, with the average price climbing to 561 yuan per kilogram, up by 3.5 yuan per kilogram from the previous day, an increase of approximately 0.63%. This indicates tight market supply or increased downstream demand, providing favorable support for cobalt spot prices, likely driven by a recovery in demand from industries such as battery materials.
Combined with recent futures contract data, cobalt futures prices have also shown an upward trend recently. The rise in spot prices may further push up futures contract prices due to market expectations of continued supply shortages. Overall, the score is +1 (moderately bullish), as although the increase has not reached a significant level, it clearly indicates short-term upward price momentum.
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