Australia, which mined about half the world’s lithium in 2022, forecasts the spot price of spodumene will fall to $2,200 per tonne in 2025.

Commodity analysts said technical factors also played a part.

Last month, members of Congress wrote urging the Department of Defense to prioritize planning for seabed mining as a "new vector of competition."

In December, China's central bank provided 350 billion yuan in loans to policy banks, boosting expectations for additional support to the housing sector.

Production was down 16% at Codelco, while it jumped 6.3% at Escondida and rose 2.8% in Collahuasi.

The US dollar index is coming off its biggest daily gain since July.

Chief executive Mark Bristow approached some of First Quantum’s largest investors late last year, according to Bloomberg sources.

India’s Supreme Court ordered the country’s markets regulator to conclude its investigation into the Adani Group.