July 24 SMM Cobalt Lithium New Energy spot Price: cobalt Sulfate up 1000 yuan / ton

Today, SMM battery-grade lithium carbonate spot prices drifted higher compared with the previous trading day. The lithium carbonate 2701 contract opened higher at 135,000 yuan/mt today (hitting a high of 135,000 yuan), and after the open, bears quickly entered the market, sending prices drifting lower along the average price line throughout the morning session. In early trading, prices dipped to around 130,500 yuan/mt, and around midday they further slid to the intraday low of 128,100 yuan/mt. In the afternoon, prices consolidated on a weak note at low levels, fluctuating repeatedly around 129,000 yuan/mt, before stabilizing slightly near the close and ultimately closing down 3.2% at 128,900 yuan/mt, with open interest increasing by 9,614 lots. In the spot market, downstream dip-buying willingness was strong, while upstream lithium chemical plants continued to hold prices firm and hold back from selling spot orders. Overall, market inquiries and actual transactions were relatively active.