Chinese lithium producers plummet on falling lithium prices, Ganfeng Lithium hit lowest since Dec 2020
COMMODITIES COMPANY NEWS STOCKS
Chinese lithium producers plummet on falling lithium prices, Ganfeng Lithium hit lowest since Dec 2020
COMMODITIES COMPANY NEWS STOCKS

Chinese lithium producers plummet on falling lithium prices, Ganfeng Lithium hit lowest since Dec 2020

 

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Ganfeng Lithium, one of China’s largest lithium producers, plummeted by more than 5% to hit 55.39 yuan, the lowest level since December 2020. Its Hong Kong-traded shares are slumping more than 7% to hit HK$45.75.

Tianqi Lithium, another Chinese lithium giant, is also sliding nearly 4% in Shenzhen to hit a new low since May 2022. Chengxin Lithium is down 3.3% in Shenzhen.

JPMorgan Chase & Co. sold 1.58 million shares of Ganfeng Lithium on July 13, at an average price of HK$52.0509 per share, worth a total of HK$82.44 million, according to a filing to the Hong Kong stock exchange. On completion, JPMorgan’s stake in Ganfeng declined to 5.68% from 6.07%.

That comes as China’s lithium carbonate futures on the Guangzhou Futures Exchange continue to slump after a massive sell-off on the trading debut on Friday amid market concerns on oversupply. 

The most-traded contract, for January delivery, dived as much as nearly 5% before paring loss to 4.1% to trade at 211,700 yuan per tonne, as of 2:44 pm.

The contracts for 2024 June and September delivery hit limit-down again, diving 17% after slumping by the daily limit of 14% on Friday. The contracts for 2024 March, April and May delivery, are sliding by 7% – 16.9%.