汇丰研究指，刚果民主共和国宣布实施为期四个月的钴出口禁令，以期解决供过于求问题并稳定价格，作为全球最大的钴供应地，刚果(金)约占全球钴供应量的76%，而过去三年钴价格一直呈下降趋势，较2022年3月高位已累跌73%。
汇丰研究的研报指出，洛阳钼业(03993.HK) 2024年通过其TFM和KFM项目生产约11.4万吨钴，公司目前通过其贸易子公司在刚果(金)以外持有约3万吨钴库存，预料足以维持两至三个月的销售，因此预计该出口禁令对洛钼2025年第二季盈利影响可控。
该行相信，TFM和KFM项目经营将如常进行，钴将以氢氧化钴的形式储存在矿场，库存可能持续积累，至今年底可能达到9.8万吨。汇丰研究维持对洛钼的“买入”评级，将2025年钴销售预测从10万吨下调至7.1万吨，相应将今明两年盈利预测下调8%和9%，目标价从7.8元下调至7.2元。(gc/a)(港股报价延迟最少十五分钟。沽空资料截至 2025-02-26 16:25。)
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