SMM Daily Review: Spot lithium carbonate prices drifted lower on September 9

Today, SMM battery-grade lithium carbonate spot prices drifted lower compared with the previous working day. The lithium carbonate 2701 contract opened lower today at 142,900 yuan/mt, then quickly dipped after the open, hitting a low near 140,600 yuan/mt, before consolidating and rebounding. In early trading, bulls gained momentum and prices shot up to an intraday high of 144,400 yuan/mt, before encountering selling pressure from bears and pulling back below the average price line. Around midday, bulls and bears tussled repeatedly in the 140,000-142,000 yuan range, with prices moving sideways around the average price line. In the afternoon, the market was in a stalemate between bulls and bears, and prices fluctuated slightly in late trading, closing near 142,000 yuan/mt. The contract ultimately settled down 0.69% at 142,000 yuan/mt, with open interest increasing by 6,860 lots.

In the spot market, downstream buyers maintained a dip-buying procurement pace, but some material plants were more cautious, pressing their acceptable purchase prices below 140,000 yuan/mt. Upstream lithium chemical plants continued to hold back from selling spot orders and held prices firm, with limited release of low-priced cargoes. Price disagreements between sellers and buyers persisted, while market inquiries were relatively active, and actual transactions were mainly driven by rigid demand.