Glonghui, September 12 | J.P. Morgan Chase released a report stating that the price of lithium futures on the Guangzhou Futures Exchange rose 6% to 8% to about 0.078 million yuan per ton yesterday (11th). Market speculation that Ningde Era suspended production at its mines, and lithium stocks also rose 10% to 14%. According to the bank, similar speculation appeared in February of this year. Lithium prices surged by about 30% to 0.12 million yuan per ton in two weeks, but the rise was brief. Due to the lack of basic factors, the industry has also begun to hedge against high prices. The bank believes that this rise is similar to the previous one, and expects the upward trend to be brief. The bank maintained a “reduced holdings” rating for Ganfeng Lithium and Tianqi Lithium. The target prices were lowered to HK$13.5 and HK$16 respectively, which meant that there was 20% to 24% downside.