整体商品情绪偏弱，碳酸锂盘面创新低

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The overall sentiment in the commodity market is weak, and the lithium carbonate futures market has hit a new low. The current supply of lithium carbonate exceeds demand, and this situation is expected to continue. With the downward shift of the spot transaction center driving down ore prices, and no reduction in the mining end despite lithium salt maintenance, the lithium price may still have room to fall under the weak macro - sentiment and fundamental situation [1][2][3]. 3. Summary by Related Content Market Analysis - On May 6, 2025, the opening price of the lithium carbonate main contract 2505 was 65,980 yuan/ton, and the closing price was 65,260 yuan/ton, a 1.45% decrease from the previous settlement price. The trading volume was 103,979 lots, and the open interest was 256,291 lots, an increase of 11,562 lots from the previous trading day. The total open interest of all contracts was 407,535 lots, a decrease of 3,011 lots from the previous day, and the total trading volume decreased by 17,431 lots. The overall speculation degree was 0.34. The number of lithium carbonate warehouse receipts was 35,236 lots, an increase of 17,759 lots from the previous day [1]. Spot Market - According to SMM data, on May 6, 2025, the price of battery - grade lithium carbonate was 65,700 - 68,500 yuan/ton, a decrease of 8,500 yuan/ton from the previous day, and the price of industrial - grade lithium carbonate was 64,900 - 65,900 yuan/ton, a decrease of 8,000 yuan/ton from the previous day. Some lithium salt enterprises have carried out maintenance or production cuts, but the production reduction is less than expected, and the supply still exceeds demand. Although the downstream production schedule is rising, the procurement demand of downstream material factories has not improved significantly, and the spot market transactions are relatively sluggish [2]. Strategy - Unilateral: Sell on rallies for hedging. - Options: Sell out - of - the - money call options or use bear spread options. No suggestions for inter - period, inter - variety, and spot - futures operations [3].