The most-traded Guangzhou Futures Exchange (GFEX) LC contract recorded another bearish week, with the settlement price losing 14.08% as of Friday February 6 compared to the previous Friday, primarily due to the lack of new catalysts as well as the ripple effect of the persistently falling non-ferrous metal prices. Currently, with the CNY holiday approaching and downstream players finishing stockpiling, the lithium carbonate spot market is expected to gradually come to a standstill. Near-term events to be watched including the resumption progress of Jianxiawo mine, power battery demand recovery post CNY holiday, as well as the production scheduling in March.