Overview:[SMM Daily Commentary: September 11 Spot Lithium Carbonate Prices Drifted Lower] SMM’s spot price of battery-grade lithium carbonate drifted lower from the previous working day. The lithium carbonate 2701 contract opened lower at 140,000 yuan/mt today. After the open, bulls briefly resisted, and the price shot up slightly to 140,400 yuan/mt. Bears then released their strength in a concentrated manner, and the price drifted lower, breaking below the moving average line. Near midday, panic selling surged, accelerating the plunge to a low of 128,100 yuan/mt. In the afternoon, buying entered at low levels, and the price gradually rebounded in choppy trade, recouping part of the losses. Late in the session, it moved sideways in a narrow range around 135,000 yuan/mt, and finally closed down 4.99% at 134,800 yuan/mt, with open interest down by 1,124 lots. Spot market, as prices fell rapidly, downstream willingness to buy the dip and stockpile continued to strengthen, but as upstream lithium chemical plants continued to hold prices firm on spot orders and held back from selling, spot orders available for purchase in the market were limited. Overall, inquiries were active, but actual transactions remained relatively steady.