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BEIJING: China’s lithium carbonate futures on the Guangzhou Futures Exchange hit an 11-week high on Wednesday, amid speculations of supply disruption against rising demand from the battery sector.

The most-traded July lithium carbonate contract jumped as much as 7.5% to 112,250 yuan ($15,592.66) per metric ton in early trading, the highest since Dec.11.

It was up 4.5% by 0418 GMT, marking a fifth-day rally with a total gain of 14% from a two-month bottom. Speculation about environmental inspection at the country’s main producing region Jiangxi province sparked supply concerns.

India to auction IIOJK lithium reserves in few weeks

“The uptrend was driven by talks about supply-side production cuts, maintenance and environmental inspections,” said Zhang Weixin, an analyst at China Futures.

Open interest of the contract also increased for five days in a row, suggesting more money flowing into the market.

Also supporting prices was a brighter demand outlook following a jump in lithium end-users’ planned production, Zhang said.

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