Commodity Market Report
Global cobalt short-term outlook July 2024
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Report summary
Cobalt prices continue to fall as production capacity continues to exceed expectations. We have revised our price expectations as additional production capacity exceeded expectations in July. With the retreat of copper prices and the continued slump in nickel prices, there is a possibility of a decline in cobalt production in the second half of the year or early 2025, but this still needs to change our view of a deep supply surplus in the market. In July, demand for NCM precursors recovered slightly but remained sluggish overall.
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