The concept of the cobalt nickel lithium market is as follows.

Cobalt has undoubtedly bottomed out. The reason why it is determined that it has hit the bottom is because of cost support. When the price is already lower than the cost line of leading companies, only inventory and expectations can make it continue to drop. After more than a year of destocking, the pressure on the market has been greatly reduced. Although energy expectations have been somewhat doubtful recently, the industry is still optimistic after all. Recently, nickel is a species between copper and cobalt. With the expected increase in demand for new energy, the current essence is of course still the supply and demand of ferronickel and electro-nickel. Although it is a fluctuation caused by short-term supply and demand, it may also follow the footsteps of cobalt and lithium. When the lithium market was still very hot in 2018, we were clearly bearish on lithium. The reason was that there was an obvious oversupply. As the market mainstream expected, prices continued to fall.