Market Mover | Australian lithium stocks rally on China's CALT suspends lithium mines
Australian lithium stocks received a significant boost on Wednesday, with $Mineral Resources Ltd (MIN.AU)$ climbing over 17%, $Liontown Resources Ltd (LTR.AU)$ surging over 15%, $Pilbara Minerals Ltd (PLS.AU)$ rallying 13.77%. This followed an unconfirmed news that Contemporary Amperex Technology Co. Limited (CATL), a leading Chinese electric vehicle battery manufacturer, has suspended operations at two lepidolite mines.
According to a report by UBS analyst Sky Han on September 11, these suspensions, if true, may result in a reduction of approximately 8% in China's monthly lithium carbonate equivalent (LCE) output. This equates to a potential decrease of roughly 5,000 to 6,000 metric tons. The market reacted positively to the news, anticipating a potential tightening of lithium supply, which could bolster prices and benefit Australian lithium producers.
Sources: Reuters
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