CITIC Securities said last week’s sharp fall in lithium prices was driven by SMM (Shanghai Metals Market) revisions to lithium carbonate inventory scope and sample coverage, which created a large weekly inventory spike, not by a material deterioration in industry fundamentals. It expects a September pickup in lithium-battery production to deliver substantial incremental demand while overseas supply additions lag, likely widening the supply deficit. Single-week inventory noise is unlikely to change the industry picture; CITIC views prices as clearly oversold and expects them to stabilise and rebound to 150,000-200,000 yuan/ton, supporting a recovery in lithium-sector stocks.(金十数据)