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Core Viewpoint - The decline in lithium carbonate futures prices is primarily driven by supply-side uncertainties, particularly regarding the resumption of production at Jiangxi lithium mines and the approval status of the Ningde Times' Ganxiawo mine [5][6]. Supply Dynamics - Analysts indicate that the market remains in a tight balance despite recent price fluctuations, with lithium carbonate production in China increasing by approximately 5.7% month-on-month in October, reaching 92,300 tons [5][6]. - The expectation for continued high production levels in November and December, along with strong anticipated imports of lithium ore and salts, suggests sufficient supply elasticity [5][6]. - The ongoing uncertainty surrounding the resumption of the Ganxiawo lithium mine is causing market disturbances, impacting the confidence of long positions [5][6]. Demand Outlook - The downstream production in November is expected to maintain a month-on-month growth trend, with a projected increase of 3% [6]. - The current demand from the energy storage and electric vehicle markets is robust, which is expected to support the overall demand outlook [6]. Market Sentiment - The market has been experiencing a continuous destocking trend since early August, with an average weekly destocking of approximately 1,369 tons [6]. - Despite the significant price drop, the ongoing destocking trend is gradually being realized, leading to expectations of price stabilization in the short term [6]. - Analysts suggest that if demand does not continue to grow and production increases materialize, the market may enter a period of inventory accumulation, potentially marking a turning point for lithium carbonate prices [6].