The world’s largest battery maker CATL said it was suspending operations at a lithium mine in China, sending shares of other producers soaring on speculation that Beijing is moving to tackle industrial overproduction.

Chinese battery giant Contemporary Amperex Technology said on Monday it had suspended production at a major lithium mine after its license expired, sparking a surge in lithium futures and miners' share prices.

CATL has suspended operations at a major lithium mine in China for at least three months to address overcapacity, boosting lithium prices and miner stocks.