Changes in Hong Kong stocks | Lithium stocks fell in the afternoon, and the lithium carbonate market declined during the peak season, and UBS further lowered domestic lithium prices

The Zhitong Finance App learned that lithium stocks declined in the afternoon. As of press release, Ganfeng Lithium (01772) fell 3.53% to HK$33.34; Tianqi Lithium (09696) fell 2.65% to HK$30.86.

According to the news, since September, the lithium carbonate market has shown a unilateral downward trend, driving the stock prices of listed companies in the lithium ore sector to weaken at the same time. On September 16, the main contract price for domestic lithium carbonate futures continued to drop. At one point, it fell to 12,4020 yuan/ton during the intraday period, with a cumulative decline of more than 20% since September; it fell by more than 40% in 4 months, which basically equalized the increase during the year. CITIC Futures believes that the rising expectations of the Federal Reserve's interest rate hike are driving a general correction in non-ferrous metals, and lithium prices are clearly being dragged down. At the same time, the market's expectations for next year's demand are pessimistic, and in particular, there are doubts about the sustainability of high energy storage growth.

According to the UBS Research Report, after the bank's global commodities team lowered the global lithium price assumption, UBS further lowered China's lithium price assumption in 2027 from 200,000 yuan per ton to 120,000 yuan per ton, while also lowering the profit forecast and target price for China's lithium industry stocks. The bank believes that the current market may be overly concerned about the potential risk of de-stocking batteries in China's battery energy storage system, while ignoring the risk that anti-corruption investigations in Jiangxi may lead to a decline in supply.