GANFENGLITHIUM (01772) opened over 6% lower, declining 6.1% to HKD 54.6 by press time, with a turnover of HKD 20.99 million. The drop follows recent developments in lithium carbonate futures. Since November, the main lithium carbonate futures contract has seen a sustained rally. On November 20, the Guangzhou Futures Exchange (GFEX) announced adjustments to trading fees and position limits for lithium carbonate futures contracts. By the morning of November 21, the main contract plunged over 7% to CNY 92,960 per ton. Huatai Futures noted that while earlier price movements were driven by supply-demand fundamentals, recent gains have been increasingly fueled by capital inflows, accelerating the uptrend. Daiwa Capital Markets expressed a conservative outlook on lithium prices for next year, forecasting a range of CNY 75,000–90,000 per ton, with limited upside from the current CNY 85,000 level. The firm expects weak demand during the Lunar New Year and a seasonal slowdown in global EV sales to keep lithium prices subdued in Q4 2023 and Q1 2024.
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Hong Kong Stocks Movement | GANFENGLITHIUM (01772) Opens Over 6% Lower as GFEX Raises Trading Fees; Lithium Carbonate Futures Drop Over 7%
Stock News11-21
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