碳酸锂：供应压力偏强，承压运行

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report. 2. Core View - The supply pressure of lithium carbonate is relatively strong, and it is expected to operate under pressure [1]. - The postponement of the EU's battery supply chain due - diligence investigation and the submission of carbon footprint reports is good news for Chinese lithium - battery exports to the EU [3]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - Futures Market: For the 2507 contract, the closing price was 60,100 yuan, down 860 yuan compared to T - 1; the trading volume was 261,982 lots, down 32,588 lots; the open interest was 326,472 lots, up 7,966 lots. For the 2509 contract, the closing price was 61,300 yuan, down 1,000 yuan; the trading volume was 47,243 lots, down 2,410 lots; the open interest was 104,452 lots, up 2,243 lots [1]. - Spot Market: The spot - 2507 basis was 2,400 yuan, up 310 yuan; the spot - 2509 basis was 1,200 yuan, up 450 yuan. The price of battery - grade lithium carbonate was 62,500 yuan, down 550 yuan; the price of industrial - grade lithium carbonate was 60,900 yuan, down 550 yuan [1]. - Raw Materials: The price of spodumene concentrate (6%, CIF China) was 688 dollars, down 2 dollars; the price of lepidolite (2.0% - 2.5%) was 1,260 yuan, down 20 yuan [1]. 3.2 Macro and Industry News - SMM's battery - grade lithium carbonate index price was 62,888 yuan/ton, down 559 yuan/ton compared to the previous working day. The average price of battery - grade lithium carbonate was 62,500 yuan/ton, down 550 yuan/ton; the average price of industrial - grade lithium carbonate was 60,900 yuan/ton, down 550 yuan/ton [2]. - The EU's planned battery supply chain due - diligence investigation in August this year is postponed by two years, and the submission of carbon footprint reports originally planned for February this year is also postponed. China's lithium - battery exports to the EU get a buffer period. In the first four months of 2025, five EU countries accounted for nearly 30% of China's lithium - battery export value [3]. 3.3 Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral trend [3].