[SMM Daily Review: Spot Lithium Carbonate Prices Fluctuated Upward on March 13]
SMM's battery-grade lithium carbonate index price fluctuated upward from the previous working day. Futures trend, the most-traded contract fluctuated higher after opening and once climbed to around 163,000 yuan/mt; after the midday session, the price reversed downward and once fell to 150,000 yuan/mt near the close, then fluctuated rangebound at low levels until the close. As of the close, open interest for the day decreased by about 8,500 lots from the previous trading day.
Actual transactions, upstream lithium chemical plants showed a clear reluctance to sell and held prices firm, while willingness to sell spot orders remained weak; downstream material plants still mainly stayed cautious and on the sidelines, maintaining only just-in-time procurement. Overall, both market inquiries and actual transactions were sluggish.
As for subsequent price movements, given that downstream procurement sentiment remained cautious and the market lacked sustained momentum to chase higher prices, lithium carbonate prices were expected to continue a fluctuating trend in the short term.
