[SMM Analysis: Mainly Long-term Contract Pickups, Cobalt Intermediate Market Running at a Standstill] From the perspective of supply, the current arrival volume is consistent, and the goods holders are relatively concentrated, resulting in limited low-price available sources in the overall market. From the perspective of demand, due to cobalt mainstream smelters...

[Cobalt Intermediates Prices Stay Stable in the Week] From the supply side, although there is a large inventory in ports, the goods holders are concentrated, and some traders are worried about the difficulty of replenishing inventory in the future market, so their willingness to sell at low prices has weakened. From the demand side, due to the weak prices of downstream cobalt products and the low operating rates of various links, the demand for cobalt intermediates is weak. In terms of market performance, as spot prices are low and trading volume is weak, most mines maintain a non-shipment attitude and only maintain long-term orders. While other goods holders are willing to offer prices for shipment, the downstream willingness to accept the prices is low, resulting in few transactions in the week. It is expected that the market may maintain a stalemate, and spot prices will stagnate.

This is a roundup of China's metals weekly inventory as of April 28.

Shanghai nonferrous metals closed mostly with losses in day trading.

Shanghai nonferrous metals closed mostly with losses in day trading.

Shanghai nonferrous metals closed mostly with losses in day trading.

Shanghai nonferrous metals closed mostly with gains in day trading.

Shanghai nonferrous metals closed mostly with gains in day trading.

Shanghai nonferrous metals closed with gains in day trading.

Spot #0 zinc in Guangdong was quoted with premiums of 100 yuan/mt over SHFE 2305 contract last week.