The most-traded lithium carbonate futures contract recorded another winning day, while the fundamentals remained largely flat. Based on Mysteel's survey, the lithium carbonate basis weakened yesterday, with lackluster transaction volumes as cathode plants maintained need-based restocking. Downstream buying activity fell when prices rose. With demand expected to decline QoQ in Q1 next year, the market holds a broadly bearish outlook. Nevertheless, Mysteel's tracking of lithium carbonate inventory indicated sustained destocking, though the pace was slow compared with earlier periods. Overall, the lithium carbonate prices are expected to hover rangebound in the near term, lacking strong driving force for a clear rebound.
