HK Stock Market Move | Lithium carbonate stages a strong rebound, breaking above 93,000; Ganfeng Lithium Group (01772) rises over 9%; Tianqi Lithium Corporation (09696) rises over 5%.

Hong Kong-listed lithium mining stocks strengthened this morning. As of press time, Ganfeng Lithium Group (01772) rose 9.1% to HK$26.3, while Tianqi Lithium Corporation (09696) rose 5.8% to HK$25.36. On the news front, on the morning of November 5, the main lithium carbonate futures contract surged over 5% to about RMB93,000 per tonne, staging a strong reversal from the fresh stage low set during yesterday's session. The U.S. midterm election results are in, with the Democratic Party securing a clear advantage in Congress. For the new energy sector, this means policy expectations that had been suppressed over the past two years are being released all at once, medium- and long-term demand expectations are being raised, and lithium carbonate stands to benefit. Cinda Futures noted that the industry continues to see production increases alongside inventory drawdowns and a migration of inventories from upstream to downstream, reflecting strong demand, with the current inventory structure healthier than in the same period last year. However, the deferred months carry expectations of upstream production resumption as well as pricing for a seasonal demand slowdown, manifesting as a pattern of near-month strength and far-month weakness.