Equity & Credit Research

Duncan Chan

Commodities

<ul>
<li>Lithium demand continues expanding through EVs, energy storage systems and grid infrastructure, but midstream overcapacity estimated above 30% and continued downstream destocking still dominate near-term pricing.</li>
<li>Chinese conversion overcapacity, converter utilisation rates often remaining below c.60–70% alongside lithium carbonate prices near RMB70,000–80,000/t, continue suppressing sustainable lithium price recovery.</li>
<li>Sustainable tightening likely requires material supply closures, slower refining expansion, sustained inventory drawdowns and lithium prices holding above marginal cost levels near USD700–800/t spodumene equivalent.</li>
</ul>


Lithium demand continues expanding through EVs, energy storage systems and grid infrastructure, but midstream overcapacity estimated above 30% and continued downstream destocking still dominate near-term pricing.
Chinese conversion overcapacity, converter utilisation rates often remaining below c.60–70% alongside lithium carbonate prices near RMB70,000–80,000/t, continue suppressing sustainable lithium price recovery.
Sustainable tightening likely requires material supply closures, slower refining expansion, sustained inventory drawdowns and lithium prices holding above marginal cost levels near USD700–800/t spodumene equivalent.


Lithium Oversupply Still Dominates Despite Electrification Growth

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>Rate hike expectations yo-yoing as the Fed meeting draws closer, impacting many of our themes</li>
<li>Long Japanese Yen starts to work. Now follow through is needed</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Rate hike expectations yo-yoing as the Fed meeting draws closer, impacting many of our themes
Long Japanese Yen starts to work. Now follow through is needed


Overview #76 – The Circus Comes to Town

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>Warsh's "hawkishness" provides an opportunity to pick up precious metals and commodities</li>
<li>The Chinese platforms follow their Western counterparts in the raise and spend game</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Warsh's "hawkishness" provides an opportunity to pick up precious metals and commodities
The Chinese platforms follow their Western counterparts in the raise and spend game


United States

Lithium is a light metal essential to modern electrification. It serves as the core input for rechargeable batteries used in electric vehicles, consumer electronics, and stationary energy storage.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Lithium (LITHIUM COMDTY)

Lithium Oversupply Still Dominates Despite Electrification Growth

Electrification demand alone remains insufficient to tighten lithium markets, as excess Chinese refining capacity and cautious procurement...

Duncan Chan

Overview #76 – The Circus Comes to Town

A review of recent events/data impacting our investment themes and outlook. We look at the change in rate-hike expectations and what it means for...

Rikki Malik

Overview #75 – King Canute

A review of recent events/data impacting our investment themes and outlook. We look at Warsh's "hawkish" speecha nd why it changes nothing

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)