Macquarie Bank just issued their take on yesterday's sell-off. They normally release a research report on Lithium Miners each week, but recent volatility has caused them to release a second one mid-week.
• LCE future price volatility: Lithium carbonate futures prices on the Wuxi Stainless Steel Exchange dropped 6.2% and closed at Rmb569,000/t on Monday. We believe this could be one of the drivers for lithium names' selloff on the Australian equity market. However, we highlight that the LCE future prices stabilised on Tuesday, trading at ~Rmb577,500/t, 1.5% higher than the market close on Monday. We remain constructive on the lithium market outlook and upgraded our price forecasts recently.
• No stockpiling of lithium: Lithium supply remains tight at each key component of the EV battery supply chain. According to SMM's lithium carbonate inventory data, which covers more than 30 lithium refiners and more than 70 cathode makers in China, LCE inventory levels declined further in October, down 25% to 18.1kt.
• Material valuation upside at spot prices: Despite near-term future price volatility, we believe buoyant lithium prices present potential for valuation upside to all lithium names under our coverage universe.
Note: they have a preference for Australian producers and do not cover LLL, so LLL won't get a mention. I deleted any mention of their recommendations so as not to cross-promote.
With yesterday's pull-back I just had to add.
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