ab 4 December 2025 Global Research Lithium Simply the BESS A BESSer demand profile leads to higher lithium prices In this note we upgrade our demand and price profile in coordination with upgrades to the UBS Global Battery Demand Outlook, and primarily Battery Energy Storage Systems (BESS). A more supportive battery outlook sees us upgrade lithium demand as much as ~10% through to 2030; and while we expect a supply response and upgrade global production up to ~5% through 2028E, we now see the market in defi ...