China’s energy metal sector surged on Wednesday, led by Boqian New Materials (605376), which soared by the 10% daily limit. The rally extended across cobalt and lithium producers, with Tengyuan Cobalt (301219), Huayou Cobalt (603799), and Hanrui Cobalt (300618) posting significant gains. Lithium players Ganfeng Lithium (002460) and Shengxin Lithium Energy (002240) also advanced, reflecting renewed optimism in battery-material demand.
The sector’s strength follows upward revisions in EV sales forecasts and tightening supply for key metals like cobalt sulfate. Analysts note restocking by battery makers ahead of Q3 production peaks is driving short-term price momentum. However, concerns linger over oversupply risks in lithium carbonate markets.
This broad-based rally suggests traders are betting on a second-half demand recovery, particularly from China’s EV and energy storage sectors. The momentum may face resistance near technical ceilings set during the 2023 commodity boom.
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