能源金属周报：刚果金政策扰动，钴板块迎来曙光

Investment Rating - The report indicates a positive outlook for cobalt, with expectations of continued price increases due to supply constraints from the Democratic Republic of Congo's export ban [2][9]. Core Insights - Cobalt prices have surged significantly, with a 16% increase to 248,500 CNY/ton, driven by a four-month export ban from the Democratic Republic of Congo [2][9]. - Lithium prices are under pressure, with a slight decrease in average prices for lithium carbonate and lithium hydroxide, reflecting a challenging supply-demand balance [1][8]. - Nickel prices have shown a rebound, influenced by potential tax adjustments in Indonesia that could raise production costs and support higher nickel prices [3][10]. Summary by Sections Lithium - The average price of lithium carbonate decreased by 0.1% to 75,200 CNY/ton, while lithium hydroxide fell by 0.2% to 75,100 CNY/ton [1][8]. - The overall operating rate for lithium carbonate mining decreased to 49.9%, with specific rates for different extraction methods showing mixed trends [1][8]. - Total lithium carbonate production for the week was 18,400 tons, reflecting a slight decline [1][8]. Cobalt - Cobalt prices have increased significantly, with the CIF price for cobalt intermediates rising by 31% to 10.5 USD/pound [2][9]. - The market sentiment remains bullish, although actual transaction volumes are limited due to high prices [2][9]. - The ongoing export ban from the Democratic Republic of Congo is expected to continue supporting price increases [2][9]. Nickel - LME nickel prices rose by 0.9% to 16,600 USD/ton, while domestic prices increased by 3.2% to 133,700 CNY/ton [3][10]. - Total nickel inventory in China increased by 1,085 tons to 72,500 tons, while LME nickel inventory rose by 2,058 tons to 200,600 tons [3][10]. - Potential tax changes in Indonesia could lead to increased production costs, thereby supporting higher nickel prices in the future [3][10].