GFEX's most-traded lithium carbonate contract hit a new near-term low, with the settlement price down 1.74% from September 18, as bulls and bears remained locked in a tug-of-war. GFEX warrants kept falling and inventories continued to destock, though at a slower pace, while pre-holiday stockpiling offered some support that has gradually faded. However, UBS sharply cut its 2027 China lithium price forecast from Yuan 200,000/t to Yuan 120,000/t on September 22 and lowered earnings forecasts and target prices for lithium stocks, breaking the market's optimistic anchor, while new progress on the Jianxiawo mine's environmental assessment renewed supply growth concerns.