Lithium Miners Fund Rises 0.7%, Stays 33% Below Peak | Lithium Wrap, Nov 9
Key Facts
- Bounce inside a slump: the lithium miners’ ETF (LIT) closed at US$61.35, +0.72% on the session, yet it is 33.0% below its 12-month high of 91.62 set on 11 May.
- Two leaders fell: Albemarle slipped -0.13% to US$99.12, and Chile’s SQM lost -1.43% to US$56.70, so the ETF’s gain came from the smaller names.
- Spot lithium is not confirmed: we could not verify a spot lithium carbonate price for the session, so the fund is our only live gauge.
- Earnings gave a floor: Albemarle reported profit of US$2.58 a share against an expected US$2.53, and its shares are 9.9% above the 3 November low of 90.19.
- Wall Street helped: the S&P 500 rose +2.35% and the VIX fear gauge fell -22.31%, which lifted risky, cyclical stocks of every kind.
- History is balanced: after 41 earlier falls this large, the ETF was higher 20 sessions later in 23 cases, or 56%.
Today’s Focus
Lithium miners had a mixed Monday. The sector fund rose, but its two biggest names, Albemarle of the United States and SQM of Chile, both ended lower.
The bounce matters less than the setting. The fund is down 10.27% over 20 sessions and 18.5% over 60, and it sits 33.0% below its May peak.
The main cause is price. Lithium is the light metal inside electric-car batteries, and China, the biggest buyer, is paying less for it each week.
Monday’s lift came mostly from the wider market. A strong day for US shares pulled even beaten-down sectors up, which is a weaker reason to cheer than a recovering lithium price.
What matters today. The miners’ shares will only turn for good when China’s lithium carbonate price stops falling, and the latest weekly reading says it has not.
01 The session in one read
Lithium shares moved in different directions on Monday 9 November 2026. The lithium miners’ fund, LIT, closed at US$61.35, which is +0.72% on the day.
Albemarle, the largest Western producer, fell -0.13%, and SQM, the Chilean giant, fell -1.43%. The fund rose because it holds dozens of other miners and battery-metal firms that rallied with the market.
For a reader outside the industry, the point is simple. A sector can rise on a good day for shares generally while its core business still weakens.
Monday looks like relief in a wounded sector rather than a change of direction: the fund rose with the whole market while the two largest producers fell. Albemarle’s better-than-expected profit and a falling stock of lithium in Chinese warehouses give the bulls something to hold, but the spot price is still drifting lower. The variable to watch is China’s weekly battery-grade carbonate price against its recent range.
02 The board
Albemarle ended at US$99.12 and SQM at US$56.70. Albemarle is up 9.45% over five sessions, a sharp rebound from its 3 November low of 90.19, while SQM is up 3.71% over the same five sessions.
Over 20 sessions the picture is gloomier. Albemarle is up only 0.62%, SQM is down 9.24%, and over 60 sessions Albemarle is down 27.2% and SQM down 23.7%.
| Asset | Level | Change |
|---|---|---|
| Lithium (LIT ETF) | US$61.35 | +0.72% |
| Albemarle | US$99.12 | -0.13% |
| SQM | US$56.70 | -1.43% |
Source: RT close, 2026-11-09. Where a commodity has no spot feed, an exchange-traded tracker or leading producer is shown as a labelled proxy.
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| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 172,236.05 | +2.22% | +10.94% | 168,498.45 | 172,236 | 168,498 | — |
| IPSA | 10,589.61 | +0.50% | — | 10,536.54 | 10,650 | 10,550 | — |
| IPC MEX | 72,104.80 | +1.00% | +13.89% | 71,393.57 | 72,227 | 71,366 | 180,043,849 |
| MERVAL | 2,848,945 | — | -10.97% | 2,859,051 | — | — | — |
| COLCAP | 2,576.36 | +3.67% | — | — | — | — | — |
| USD/BRL | 5.51 | +0.04% | +3.33% | 5.51 | 5.51 | 5.51 | — |
| EUR/BRL | 6.18 | +0.86% | +0.32% | 6.13 | 6.19 | 6.18 | — |
| USD/MXN | 18.53 | -0.51% | +0.50% | 18.63 | 18.56 | 18.51 | — |
| USD/CLP | 966.96 | -0.99% | +3.97% | 976.64 | 975.74 | 966.06 | — |
| USD/COP | 3,267 | +0.81% | -12.58% | 3,240 | 3,267 | 3,267 | — |
| USD/PEN | 3.41 | -1.07% | +3.19% | 3.44 | 3.41 | 3.41 | — |
| USD/ARS | 1,545 | -0.02% | +9.71% | 1,546 | 1,545 | 1,545 | — |
| USD/UYU | 40.45 | +0.35% | +3.06% | 40.31 | 40.45 | 40.45 | — |
| USD/PYG | 6,450 | +1.45% | -7.23% | 6,358 | 6,450 | 6,450 | — |
| USD/BOB | 11.74 | -0.59% | +74.26% | 11.81 | 11.74 | 11.74 | — |
| USD/DOP | 60.42 | -0.28% | -4.80% | 60.59 | 60.46 | 60.42 | — |
| USD/CRC | 446.56 | -0.38% | -8.72% | 448.27 | 446.56 | 446.56 | — |
| USD/GTQ | 7.64 | -0.05% | +2.13% | 7.64 | 7.64 | 7.64 | — |
03 Why it moved
The first and heaviest cause is the price of the metal itself. We could not verify a spot price for China’s battery-grade lithium carbonate for this session, so we leave it out; the lithium miners’ fund is our live gauge of the sector.
The second cause is Albemarle’s third-quarter report on 4 November. Earnings were US$2.58 a share against a forecast of US$2.53, and sales of battery materials were about US$1.1 billion, up 58% on a year earlier thanks to higher prices.
Revenue of about US$1.55 billion came in just under the US$1.57 billion forecast, and the company’s average realised price was US$20.02 per kilogram of lithium carbonate equivalent. That mix explains a rebound that stopped short of a rally.
The third cause was the wider market. The S&P 500 gained +2.35%, the VIX fear gauge fell -22.31%, the dollar index eased -0.61% to 101.68, and the US 10-year yield barely moved at 4.89%.
Oil fell -3.87% and gold rose +1.88%, so investors were rotating, not panicking. The usual drivers agree with the fund’s rise but not with the falls at Albemarle and SQM.
Our best reading, with medium confidence, is profit-taking in the two leaders after Albemarle’s quick run-up, while smaller miners caught the market’s good mood. Stocks of lithium in Chinese warehouses fell by 2,994 tonnes to 125,391 tonnes, which suggests buyers are using up stock, a modestly positive sign.
China’s annual inflation rate was 0.7% in October, below the 0.8% forecast and the 0.9% of September, according to the RT economic calendar. Factory-gate prices rose 5.7% year on year against 5.3% expected and 5.0% before. China is the main market for battery-grade lithium, so its factory prices matter for the metal’s outlook.
04 The trend behind it
The slump is long. The fund is 33.0% below its May high, 2.6% above its 30 October low of 59.81, and has risen for two sessions in a row.
Albemarle is 54.0% below its April high of 215.62, and SQM is 40.5% below its April high of 95.31 yet 16.1% above its low of 48.83 from November 2025.
This is a continuation of a bear phase with a possible basing attempt. A bounce of two days is not a new trend.
05 What it means for Latin America
Chile is most exposed, because SQM is its flagship lithium company and its shares have lost 23.7% over 60 sessions. Lower prices shrink the profits that feed Chilean company taxes and royalties.
Argentina and Bolivia hold the other two corners of the Lithium Triangle, the salt flats that hold much of the world’s reserves. Both need high prices to justify new projects, and a market near multi-month lows delays them.
For a saver in Santiago, Buenos Aires or La Paz, the lesson is that mining wealth moves with a Chinese factory price, not with local politics alone.
06 The names to watch
Albemarle is the barometer for Western producers: its 3 November low of 90.19 is the line the bulls must defend, and the 100 mark is the nearest round number above.
SQM is the one to watch for Latin America. An earlier company executive forecast a 2026 price floor of US$15 to US$18 per kilogram, which is a forecast, not a market price, but it frames what management thinks is a bottom.
07 What would end it
For the fund, support is the 30 October low of 59.81, only 2.6% below Monday’s level, and resistance is far away at 91.62. A close under 60 would suggest the slide resumes.
For history, RT’s own record since 2010 shows 41 earlier falls of 10% or more in 20 sessions. In 23 of them, 56%, the fund was higher 20 sessions later, with a median of +0.9% and a worst case of -14.9%. History is not a forecast.
SQM tells a similar story: after 83 earlier falls of this size, it was higher 20 sessions later in 46 cases, or 55%, with a median of +0.7% and a worst case of -39.8%.
The decisive signal is China’s weekly carbonate price holding above the bottom of its 82,000 yuan range while warehouse stocks keep shrinking. Until then, expect rebounds to fade.
08 What to watch
- China carbonate price: Weekly battery-grade price against the 82,000 to 105,000 yuan range.
- Chinese stockpiles: Warehouse stocks at 125,391 tonnes: further falls would signal real demand.
- Fund support: A close below 59.81 would reopen the slide.
- SQM and Albemarle: Whether Albemarle holds above 90.19 and SQM keeps its 16.1% cushion above its low.
Frequently Asked Questions
Is LIT the price of lithium?
No. LIT is a fund holding lithium-mining and battery-metal companies, so it reflects company shares, not the metal’s spot price.
Why did Albemarle and SQM fall while LIT rose?
Smaller miners rallied with a strong stock market, while the two leaders, after a sharp Albemarle rebound, saw profit-taking.
Who is hurt by cheap lithium?
Producers in Chile and Argentina and their tax authorities lose, while electric-car and battery makers gain from lower costs.
Is the slump over?
Not yet. The fund is 33.0% below its May high, and the Chinese spot price was still falling in the latest weekly reading.
Market data: The Rio Times
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error
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