On October 12, GANFENGLITHIUM fell 3.8% in regular trading, trading at HK$29.1, with turnover of HK$39.531 million. The company recently announced a RMB 600 million joint-liability guarantee for its wholly-owned subsidiary GFL International under an existing RMB 20 billion annual authorization; the market reaction was muted as a routine liquidity arrangement.

Meanwhile, the lithium carbonate futures front-month contract has broken below RMB 120,000 per tonne, hitting a new low for the year, with September alone declining 24%. Goldman Sachs cut the target price to HK$31 and expects lithium prices to fall from next year on supply surplus, sustaining pressure on lithium equities.

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