On October 19, the rise of domestic cobalt price slowed down

According to the data monitoring of business agency, the domestic cobalt price continued to rise on October 19, but the rise slowed down. On October 19, the cobalt price was 403000 yuan / ton, up 0.45% from 401200 yuan / ton on October 18 of the previous trading day; Compared with the price of 381600 yuan / ton on October 1 at the beginning of the month, the price of cobalt increased by 5.61%. On the 19th, cobalt prices continued to rise, but the rise in cobalt prices slowed down.

Sales of new energy vehicles rose sharply

According to the data of China Automobile Association, in September 2021, China’s domestic production and sales of new energy vehicles reached 353000 and 357000 respectively, with a month on month increase of 14.5% and 11.4%. In September, the production and sales of new energy vehicles reached a record high in a single month, and both broke through the 350000 mark, breaking the historical production and sales record for the third consecutive month. Compared with the same period in 2020, the production and sales volume in this month increased by 216.6% and 148.4% year-on-year. The sales volume of new energy vehicles continued to rise, which was still good for the cobalt market, and the driving force for the rise of cobalt price remained.

Market Overview

Bai Jiaxin, a data analyst at business news agency, believes that the rise in cobalt prices slowed down on the 19th, and cobalt prices may fall slightly in the future; However, the production and sales of new energy vehicles hit another record, the demand of cobalt market is still high, and the rising power of cobalt market still exists. It is expected that the cobalt market will still rise after a short decline, and the medium and long-term cobalt price will rise slightly.