For lithium carbonate, the futures price maintained strong momentum and created a new annual high of above Yuan 100,000/tonne, marking an intraday gain of around 6%. While the fundamentals are strong still with strong demand, intensive stockpiling among downstream players has not been observed in November. Therefore, the follow-up stockpiling among downstream consumers is worth attention. And in the near term, the market is expected to see sustained tug-of-war among players.