Goldman Sachs finds it is too early to call an end to a battery raw materials price plunge, warning that significant supply pipelines and Western electric vehicle headwinds could keep prices lower for longer.
Goldman Sachs said the outlook appeared bearish for nickel, lithium and cobalt.
On a 12-month basis, analysts at Goldman said the Wall Street bank is targeting a 12%, 15% and 25% downside in cobalt, nickel and lithium carbonate, respectively.
Lithium prices are down nearly 70%, compared to the same period last year.
Nickel prices on the London Metal Exchange (LME) were last trading at $17,945 per metric ton on Tuesday, while cobalt prices on the LME stood at $28,550 per metric ton.
Persons:
Goldman Sachs, Nicholas Snowdon, Goldman
Organizations:
Western EV, London Metal Exchange
Locations:
China