Lithium stocks opened high and rose today, with Tianqi Lithium Corporation (09696) rising by over 14% at one point. As of the time of writing, Tianqi Lithium Corporation has risen by 12.07% to 20.8 Hong Kong dollars; Ganfeng Lithium (01772) has risen by 10.3% to 17.14 Hong Kong dollars.
According to the Wise News & Financial APP, lithium mining stocks opened high and rose today, with Tianqi Lithium Corporation (09696) rising by over 14% at one point. As of the time of writing, Tianqi Lithium Corporation has risen by 12.07% to 20.8 Hong Kong dollars; Ganfeng Lithium (01772) has risen by 10.3% to 17.14 Hong Kong dollars.
On the news front, there are rumors in the market today that Contemporary Amperex Technology has temporarily suspended its business in the lithium sector in Jiangxi, stimulating block orders of lithium futures contracts, which rose by over 7% during the day. Some analysts have pointed out that the temporary suspension of Contemporary Amperex Technology's lithium mining business in Jiangxi may lead to an 8% reduction in China's monthly lithium carbonate production, potentially causing an 11%-23% increase in lithium prices.
Che Guojun, Chief Researcher of the Nonferrous Sector at Ping An Futures, previously stated that under the downward pressure of lithium carbonate, mine production reductions may gradually begin. This can be evidenced to some extent by the decline in export data of lithium carbonate from Australia and South America. Gtja, on the other hand, stated that voluntary production cuts in high-cost mines have shown some signs of supply clearance; if production cuts further expand, then the supply-demand fundamentals are expected to improve.