Australia's Anson Resources said on Wednesday it would supply 4,000 dry metric tons of lithium carbonate per year from its Mexican Paradox Basin project to South Korean battery giant LG Energy Solution for an initial term of 5 years. The commodity lithium has gained quite a traction over the past few years in tandem with the global trend of transitioning into green energy with the use of electric vehicles at the forefront. However, with diminishing demand of electric vehicles from China - one of the world's largest EV market - the prices for lithium, a key ingredient of EV batteries, have fallen quite a lot in the last few months.
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"Demand continues to outstrip even increased supply," Eli Lilly's CFO said of its Zepbound weight loss drug on the company's conference call.