The most-traded lithium carbonate futures contract recorded another losing day, with an intraday loss of almost 5%. There was rumor circulating on the market that CATL held a restart work meeting for its Jiangxiawo lithium mine, targeting completion of the restart within November 2026, re-fueling bearish sentiment on the market.
Nevertheless, the falling lithium prices slightly boosted market spot transactions, while the basis did not strengthen post futures decline. Currently, the lithium carbonate price fluctuations are still reflecting expectations of weakening demand at year-end and in Q1 2027. And when futures prices rise, the spot basis visibly weakens. Key focuses include battery cathode orders in the second half of November, marginal changes in energy storage sector, as well as routine stockpiling ahead of Chinese New Year.
