碳酸锂：需求改善有限叠加矿价暂未止跌，偏弱震荡格局或延续

Report Summary 1. Report Industry Investment Rating - No information provided regarding the industry investment rating in the report. 2. Core Viewpoint - The weak oscillation pattern of lithium carbonate may continue due to limited improvement in demand and the ongoing decline in ore prices [1]. 3. Summary by Relevant Catalogs a. Fundamental Tracking - Futures Market: For the 2507 contract, the closing price was 63,220 yuan, down 820 yuan compared to T - 1; the trading volume was 217,033 lots, down 96,901 lots; the open interest was 294,226 lots, up 9,895 lots. For the 2509 contract, the closing price was 64,520 yuan, down 680 yuan; the trading volume was 24,901 lots, down 12,213 lots; the open interest was 62,244 lots, up 3,352 lots [1]. - Warehouse Receipts: The number of warehouse receipts was 36,444 lots, up 250 lots compared to T - 1 [1]. - Basis: The basis of spot - 2507 was 1,380 yuan, up 820 yuan; the basis of spot - 2509 was 80 yuan, up 680 yuan; the basis of 2507 - 2509 was - 1,300 yuan, down 140 yuan [1]. - Raw Materials: The price of spodumene concentrate (6%, CIF China) was 714 US dollars, down 5 US dollars; the price of lithium mica (2.0% - 2.5%) was 1,360 yuan, down 15 yuan [1]. - Lithium Salts: The price of battery - grade lithium carbonate was 64,600 yuan, unchanged; the price of industrial - grade lithium carbonate was 62,950 yuan, unchanged; the price of battery - grade lithium hydroxide (micronized powder) was 71,135 yuan, down 100 yuan [1]. - Related Products in the Industrial Chain: The price of lithium iron phosphate (power type) was 31,395 yuan, unchanged; the price of ternary material 523 (polycrystalline/consumer type) was 105,080 yuan, unchanged [1]. b. Macro and Industry News - SMM's battery - grade lithium carbonate index price was 64,762 yuan/ton, down 46 yuan/ton compared to the previous working day; the average price of battery - grade lithium carbonate was 64,600 yuan/ton, unchanged; the average price of industrial - grade lithium carbonate was 62,950 yuan/ton, unchanged [2]. - In April, China's power battery loading volume was 54.1 GWh, a month - on - month decrease of 4.3% and a year - on - year increase of 52.8%. Among them, the loading volume of ternary batteries was 9.3 GWh, accounting for 17.2% of the total loading volume, a month - on - month decrease of 7.0% and a year - on - year decrease of 6.3%; the loading volume of lithium iron phosphate batteries was 44.8 GWh, accounting for 82.8% of the total loading volume, a month - on - month decrease of 3.8% and a year - on - year increase of 75.9%. From January to April, the cumulative loading volume of power batteries in China was 184.3 GWh, a cumulative year - on - year increase of 52.8% [3]. c. Trend Intensity - The trend intensity of lithium carbonate was 0, indicating a neutral situation [3].