HK Stock Market Move | Lithium mining stocks rose in the afternoon, with Tianqi Lithium Corporation (09696) surging nearly 5%. Lithium carbonate futures broke through 160,000 yuan.

Lithium stocks rose in the afternoon, as of press time, Tianqi Lithium Corporation (09696) rose 3.16% to 43.68 Hong Kong dollars; Ganfeng Lithium Group (01772) rose 2.36% to 56.4 Hong Kong dollars. On the news front, in the afternoon of June 24, the main contract for lithium carbonate rose by more than 3%, reaching a high of 161,900 yuan/ton. Guotai Junan Futures believes that after the Xiaodown pit obtains a new construction land pre-approval and site selection proposal, the market speculates that its production resumption expectation has increased, suppressing the price. In reality, supply expansion is limited, demand continues to be strong, forming support below. Sinotrust Futures pointed out that in terms of demand, downstream production in June continued to hit a historical high, and with the background of industry destocking in May, the further strengthening of demand in June is expected to accelerate destocking.