In the mining game, nothing cures low prices like low prices. Just look at Wednesday’s startling global rally in lithium stocks, which was sparked by the mere suggestion that a major Chinese lithium company could be closing one of its mines.

Shares in Pilbara Minerals and Liontown Resources surged 13 per cent, and Mineral Resources bounced 16 per cent following reports that Chinese electric vehicle battery maker CATL may have suspended lepidolite mining and closed a lithium carbonate production line in response to tumbling lithium prices and weakened demand.