SMM Daily Review: July 28 Spot Lithium Carbonate Price Drifts Lower

[SMM Daily Review: Spot Lithium Carbonate Prices Drifted Lower on July 28]

SMM battery-grade lithium carbonate spot prices drifted lower from the previous working day. In the futures market, the lithium carbonate 2609 contract opened high at 146,600 yuan/mt today. After the opening, bulls briefly pushed prices, shooting the contract up to 147,700 yuan/mt, before encountering concentrated selling pressure from bears that triggered a rapid plunge. During the morning session, prices kept falling below the average price line (146,600 yuan/mt), hitting a low of 142,000 yuan/mt. Around midday, bulls and bears wrestled repeatedly within the 142,000–144,000 yuan range. In the afternoon, bulls lacked momentum for a rebound; after a brief rise, prices oscillated and pulled back again, then consolidated at lows near 143,500 yuan/mt toward the close. The contract finally closed down 1.75% at 143,500 yuan/mt, with open interest decreasing by 5,649 lots.

In the spot market, as prices drifted lower, purchasing sentiment recovered among some downstream material plants that had been on the sidelines, with the sub-145,000 yuan/mt level acting as an anchor for rigid demand purchases. Upstream lithium chemical plants continued to hold prices firm. Overall, market inquiries and actual transactions were relatively active.