SMM Daily Review: 4 August – Spot Prices for Lithium Carbonate Remain Unchanged

[SMM Daily Review: 4 August – Spot Prices for Lithium Carbonate Remain Unchanged]

Today, SMM’s spot price for battery-grade lithium carbonate remained unchanged from the previous working day. The lithium carbonate 2609 futures contract opened lower today at 138,800 yuan per tonne; following the opening, it fluctuated lower and quickly fell, touching a low of 137,300 yuan per tonne; Subsequently, the entry of bullish capital drove a rapid rebound, with prices surging to around 141,400 yuan per tonne during the morning session; around midday, bulls and bears engaged in a tug-of-war within the 139,500–141,400 yuan per tonne range, with two attempts to reach 141,400 yuan per tonne both meeting selling pressure from short sellers; in the afternoon, prices fluctuated lower, consolidating within a narrow range of 139,300–139,500 yuan per tonne in the final trading session, before ultimately closing 0.84 per cent higher at 139,400 yuan per tonne, with open interest down by 8,337 contracts.

In the spot market, downstream materials manufacturers made essential purchases on the dip; whilst enquiries were relatively active, actual transactions slowed somewhat. Upstream suppliers continued to hold firm on spot prices, with shipments at the start of the month primarily consisting of long-term contract deliveries. Overall, market trading remained relatively subdued.