新能源及有色金属日报：现货成交有好转，碳酸锂盘面企稳反弹-20250424

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View - After continuous decline, the downstream procurement willingness of lithium carbonate has increased. The price has fallen below the previously agreed bottom price in the industry, and the subsequent price may need to be renegotiated. The market has stabilized and rebounded. However, the current oversupply pattern remains unchanged, with high total industry inventory pressure and a large number of new warehouse receipts registered. In the medium to long term, lithium prices are still under pressure [2]. 3. Summary by Related Catalogs Market Analysis - On April 23, 2025, the main contract 2505 of lithium carbonate opened at 68,000 yuan/ton and closed at 68,980 yuan/ton, a 0.96% increase from the previous day's settlement price. The trading volume was 216,166 lots, and the open interest was 206,388 lots, an increase of 941 lots from the previous trading day. The total open interest of all contracts was 365,876 lots, a decrease of 3,011 lots from the previous trading day. The total trading volume of the contracts increased by 62,193 lots from the previous trading day, and the overall speculation degree was 0.75. The number of lithium carbonate warehouse receipts was 31,735 lots, an increase of 350 lots from the previous day [1]. - The lithium carbonate market showed a pattern of opening high, moving low, and rising at the end of the session, ultimately closing up 0.96% [1]. Lithium Carbonate Spot - On April 23, 2025, the quoted price of battery - grade lithium carbonate was 68,300 - 71,600 yuan/ton, a decrease of 4,500 yuan/ton from the previous trading day. The quoted price of industrial - grade lithium carbonate was 67,700 - 68,700 yuan/ton, also a decrease of 4,500 yuan/ton from the previous trading day [2]. - After the continuous decline of lithium carbonate spot prices, the procurement willingness of downstream material factories has improved marginally, driving up market trading activity. Although upstream lithium salt factories are less willing to sell at this price point, the high inventory of traders continues to drive down the spot transaction price of lithium carbonate. As the pre - May Day stockpiling procurement has not yet started intensively, considering the downstream stockpiling demand, the short - term market may stabilize [2]. Strategy - Unilateral: Sell on rallies for hedging. - Options: Sell out - of - the - money call options or use bear spread options. - No strategies are provided for inter - delivery, inter - commodity, and spot - futures operations [3].