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Albemarle (ALB) and Sprott Lithium Miners ETF (LITP) shot up on Monday after Contemporary Amperex Technology (CATL) reportedly suspended production at its lithium mine in China’s Jianxiawo for at least three months.

Shares of Albemarle jumped over 7% during midday trading, while Sprott Lithium Miners ETF rose 13%. 

According to a CNBC report, CATL suspended production at the Yichun Project after its permit expired on Saturday, adding that the company was working to renew the permit. As soon as CATL receives approval, it will resume lithium production at the mine, the company told CNBC.

CATL is a China-based tech firm focused on producing lithium-ion batteries, advanced energy storage systems, and battery management technologies. It is a key supplier in the electric vehicle (EV) industry, helping to power both EVs and large-scale energy storage solutions.

Retail sentiment on Albemarle improved to ‘bullish’ from ‘bearish’ territory, with chatter at ‘normal’ levels, according to Stocktwits data.

Retail sentiment Sprott Lithium Miners ETF remained unchanged in the ‘neutral’ territory, with message volume at ‘normal’ levels, according to data from Stocktwits.

Albemarle stock has fallen over 6% so far this year but has gained 6% in the last 12 months. Lithium producers have faced challenges from a global oversupply, compounded by weakening demand for electric vehicles, as well as due to U.S. President Donald Trump’s rollback of industry incentives.

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