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Investing.com -- U.S.-listed shares of lithium companies jumped in premarket trading on Monday after Chinese battery giant Contemporary Amperex Technology Co Ltd (CATL) announced it has suspended production at a major lithium mine in China.
The mine is capable of producing approximately 3% of the world’s total forecast lithium output in 2025.
Albemarle (NYSE:ALB) shares jumped over 8% in premarket trading, while Chilean lithium miner Sociedad Quimica (NYSE:SQM) climbed over 6%.
Lithium Americas (NYSE:LAC) rose nearly 9%, while smaller lithium companies saw even larger gains. Standard Lithium (NYSE:SLI), Piedmont Lithium (NASDAQ:PLL), and Sigma Lithium (TSXV:SGML) (NASDAQ:SGML) surged between 5.6% and 13.8%.
Lithium prices have experienced volatility since July after China strengthened its rhetoric against overcapacity.
This has sparked hope among investors that supply-side reforms could limit output of lithium as well as other commodities including coal and steel.
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