碳酸锂：供需双弱，偏弱震荡或延续

Group 1: Report Industry Investment Rating - The report does not provide an industry investment rating. Group 2: Core View of the Report - The lithium carbonate market shows a situation of weak supply and demand, and the weak and volatile trend may continue [1]. Group 3: Summary According to Relevant Catalogs 1. Fundamental Tracking - Futures Market: For the 2507 contract, the closing price was 65,960 yuan, down 300 yuan from the previous day; the trading volume was 114,538 lots, down 13,523 lots; the open interest was 244,729 lots, down 4,318 lots. For the 2509 contract, the closing price was 67,220 yuan, down 440 yuan; the trading volume was 13,046 lots, up 348 lots; the open interest was 35,957 lots, up 1,481 lots [1]. - Spot Market: The SMM battery - grade lithium carbonate index price was 68,029 yuan/ton, down 343 yuan/ton from the previous day. The average price of battery - grade lithium carbonate was 67,950 yuan/ton, down 300 yuan/ton; the average price of industrial - grade lithium carbonate was 66,200 yuan/ton, down 300 yuan/ton [1][3]. - Raw Materials: The price of spodumene concentrate (6%, CIF China) was 773 US dollars, down 3 US dollars; the price of lithium mica (2.0% - 2.5%) was 1,525 yuan, down 10 yuan [1]. - Lithium Salts and Related Products: The prices of various lithium salts and related products such as battery - grade lithium hydroxide, lithium iron phosphate, and ternary materials showed different degrees of decline or change [1]. 2. Macro and Industry News - Sichuan Tianfu Lithium Industry Co., Ltd. was established, with a registered capital of 500 million yuan. It is wholly - owned by Sichuan Natural Resources Investment Group Co., Ltd., marking the official entry of Sichuan state - owned capital into the lithium ore competition [3]. - The White House said that Trump would sign an executive order to reduce the impact of auto tariffs, and companies paying auto tariffs would no longer be subject to other tariffs such as aluminum and steel, and the paid tariffs would be compensated [3]. 3. Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral view, with the range of trend intensity being integers in the [-2, 2] interval [3].