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<Research>JPM More Positive on Short-term Lithium Prices but Cautious on Mid-term Trend
Recommend 9 Positive 14 Negative 8 |
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Last week, JP Morgan conducted a field trip in Yichun, visiting lithium refineries/ tailings and meeting with local experts. Key observations included: (1) the timeline for the restart of CATL (03750.HK) Jianxiawo lithium mine remains uncertain, and lithium prices will stay high until it resumes; (2) the cost of lithium carbonate from integrated lepidolite mines has dropped to RMB60,000 per ton; and (3) current prices are inducing more supply, and recycling volume is expected to skyrocket by 2028. Following this trip, JP Morgan is more positive about short-term lithium prices but remains cautious about the mid-term trend. The ability to reduce lepidolite costs to such a low level impressed the broker, which anticipated further cost reductions in the future. The broker saw trading opportunities in short-term lithium stocks, with stock prices expected to catch up with the rise in lithium carbonate prices. In JP Morgan's view, lithium prices are expected to remain high as investors delay expectations for mine restarts. AASTOCKS Financial News Website: www.aastocks.com |
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