One of the world’s largest lithium suppliers has set the commodity market racing after predicting that the price of the battery material could double next year amid a boom in demand for energy storage.

The comments from Ganfeng Lithium chairman Li Liangbin at an industry event have turbocharged a rally in ASX-listed miners and wrong-footed short sellers, who were betting on the market to remain challenging. Li said demand could surge 30 per cent next year and lift prices as high as 200,000 yuan ($43,000) a tonne, according to local publication Cailian.