The most-traded lithium carbonate futures contract hovered rangebound in the first half of the week but slumped and touched a low of Yuan 130,000/tonne last Friday September 11 amidst the convergence of bears. First, ternary cathode output showed signs of contraction, contrasting with LFP's continued strength. Second, rumors of a leading energy storage provider halving September output and cutting full-year capacity by 30% sparked demand concerns; though later debunked, the sentiment shock had already set in. Third, expectations of 2027 lithium oversupply cannot be disproved until year-end, capping prices. And the macro headwinds further weighed on the non-ferrous complex.