碳酸锂：成本支撑趋弱，关注高基差下采买需求

1. Report Industry Investment Rating - No information provided regarding the report industry investment rating 2. Core Viewpoints of the Report - The cost support for lithium carbonate is weakening, and attention should be paid to the procurement demand under high basis conditions [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Market Data: - For the 2507 contract, the closing price was 66,960 yuan, down 1,220 yuan compared to the previous day; the trading volume was 145,735 lots, an increase of 37,558 lots; the open interest was 246,197 lots, an increase of 28,827 lots. - For the 2509 contract, the closing price was 68,320 yuan, down 1,080 yuan; the trading volume was 13,279 lots, an increase of 1,994 lots; the open interest was 33,348 lots, an increase of 3,229 lots [1] - Spot - Futures Basis: - The basis of spot - 2507 was 1,890 yuan, up 270 yuan. - The basis of spot - 2509 was 530 yuan, up 130 yuan. - The basis of 2507 - 2509 was - 1,360 yuan, down 140 yuan [1] - Raw Materials and Lithium Salt Prices: - The price of spodumene concentrate (6%, CIF China) was 779 US dollars, down 14 US dollars. - The price of lithium mica (2.0% - 2.5%) was 1,560 yuan, down 30 yuan. - The price of battery - grade lithium carbonate was 68,850 yuan, down 950 yuan; the price of industrial - grade lithium carbonate was 67,100 yuan, down 950 yuan [1] 3.2 Macro and Industry News - Lithium Carbonate Price Changes: The SMM battery - grade lithium carbonate index price was 68,998 yuan/ton, down 957 yuan/ton compared to the previous working day; the average price of battery - grade lithium carbonate was 68,850 yuan/ton, down 950 yuan/ton; the average price of industrial - grade lithium carbonate was 67,100 yuan/ton, down 950 yuan/ton [2] - Lithium Ore Resources in Yajiang, Sichuan: Yajiang County in Sichuan has proven lithium ore resources of 2.2 billion tons, with 3.06 million tons of lithium oxide resources. It has cooperated with industry giants such as CATL, Tianqi Lithium, and Shengtun [3] - Lithium Concentrate Shipment from Australia: From April 20th to April 27th, 2025, the total shipment of Australian lithium concentrate to China was 78,000 tons, a decrease of 12,000 tons compared to the previous period, with a weekly average shipment of 69,000 tons [3] 3.3 Trend Intensity - The trend intensity of lithium carbonate was 0, indicating a neutral outlook [3]