The most-traded lithium carbonate futures contract on Guangzhou Futures Exchange (GFEX) hovered rangebound in the first half of the week ending July 31, but showed palpable losses on the last trading day last week, with the settlement price closing the session with a weekly decline of 2.27% against the previous Friday July 24, data showed. Despite sustained inventory drawdown, the market lacked solid upward driving force with the prices giving up previous gains in the latter half of the week amidst intensive cancellations of GFEX warrants and mounting risk aversion needs by month-end. In addition, the monthly spread remained in backwardation structure, pointing to pessimism over future market.