The most-traded GFEX lithium carbonate contract bottomed out yesterday and closed the day session in the positive. The macro front provided some support. At the IMF/World Bank meetings, the US Fed Chair Warsh declined to prejudge the October rate decision or signal further hikes, stressing he opposes predicting meeting outcomes in advance. The vague, no-forward-guidance stance curbed bets on an October hike, lifting most nonferrous metals.
When the fundamentals have remained solid, the futures price rebounded thanks to support from the macro front. Yet, the cathode plants have remained cautious about proactive restocking, mainly purchasing on a need-to basis. Spot trading was slow, with the traded basis stable.
