光大期货碳酸锂日报-20250610

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The lithium carbonate futures 2507 contract fell 0.16% to 60,700 yuan/ton, while the average price of battery-grade lithium carbonate rose 50 yuan/ton to 60,250 yuan/ton, and the average price of industrial-grade lithium carbonate rose 50 yuan/ton to 58,650 yuan/ton. The price of battery-grade lithium hydroxide (coarse particles) decreased by 420 yuan/ton to 61,700 yuan/ton, and the price of battery-grade lithium hydroxide (micropowder) fell 415 yuan/ton to 66,850 yuan/ton. The warehouse receipt inventory decreased by 190 tons to 33,119 tons [3]. - The lithium ore price showed signs of stopping falling last Friday. On the supply side, the weekly output increased month-on-month, and the supply growth rate in June was significant. On the demand side, there was no obvious increase in the preliminary production scheduling data of each company. On the inventory side, the weekly inventory increased again, with a slight decrease in the downstream and an increase in the upstream and intermediate links. Overall, the current mining end has no new production cuts, and the oversupply situation will further expand in June. If the lithium salt price strengthens rapidly, production and hedging incentives will reappear, putting pressure on the price. Currently, the lithium ore inventory has been digested to a certain extent [3]. - The current price level is basically at the stage bottom range, with intensified long-short games. The price may be disturbed by funds, but there is no inflection point in the actual fundamentals. Attention should be paid to the warehouse receipt situation [3]. Summary by Directory 1. Research Views - The price changes of lithium carbonate futures, spot, and lithium hydroxide, as well as the decrease in warehouse receipt inventory [3]. - The supply, demand, and inventory situation of lithium ore, and the potential impact on price [3]. - The current price level and the need to focus on warehouse receipt conditions [3]. 2. Daily Data Monitoring - The price changes of various products in the lithium battery industry chain, including futures, lithium ore, lithium carbonate, lithium hydroxide, and other materials, as well as the price differences between different products [5]. 3. Chart Analysis 3.1 Ore Price - Charts show the price trends of lithium spodumene concentrate (6%, CIF), lithium mica (1.5%-2.0%, 2.0%-2.5%), and phospho-lithium-aluminum stone (6%-7%, 7%-8%) [6][8]. 3.2 Lithium and Lithium Salt Price - Charts display the price trends of metallic lithium, battery-grade lithium carbonate average price, industrial-grade lithium carbonate average price, battery-grade lithium hydroxide price, industrial-grade lithium hydroxide price, and lithium hexafluorophosphate price [11][13][15]. 3.3 Spread - Charts present the price differences between battery-grade lithium hydroxide and battery-grade lithium carbonate, battery-grade lithium carbonate and industrial-grade lithium carbonate, CIF Japan-Korea battery-grade lithium hydroxide and SMM battery-grade lithium hydroxide, and other spreads, as well as the basis [17][20][22]. 3.4 Precursor & Cathode Material - Charts show the price trends of ternary precursors and ternary materials, as well as the prices of lithium iron phosphate, lithium manganate, and lithium cobalt oxide [25][27][29]. 3.5 Lithium Battery Price - Charts display the price trends of 523 square ternary battery cells, square lithium iron phosphate battery cells, cobalt acid battery cells, and square lithium iron phosphate batteries [31][33]. 3.6 Inventory - Charts show the inventory trends of downstream, smelters, and other links [36][38]. 3.7 Production Cost - The chart presents the production profit trends of lithium carbonate from different raw materials, such as外购三元极片黑粉, 外购磷酸铁锂极片黑粉, lithium mica concentrate, and lithium spodumene concentrate [40].