新能源及有色金属日报：库存与产量继续增长，碳酸锂盘面回落-20250613

Report Industry Investment Rating No investment rating information is provided in the report. Core Viewpoints The fundamental situation of lithium carbonate remains weak. With the weakening of macro - sentiment, the lithium carbonate futures market has declined and returned to the fundamental level [3]. Summary by Directory Market Analysis - On June 12, 2025, the main contract 2507 of lithium carbonate opened at 61,400 yuan/ton and closed at 60,440 yuan/ton, a 1.56% drop from the previous settlement price. The trading volume was 169,708 lots, and the open interest was 162,882 lots, a decrease of 15,353 lots from the previous trading day. The total open interest of all contracts was 578,788 lots, an increase of 15,808 lots. The total trading volume of the contracts decreased by 84,329 lots to 372,443 lots, and the overall speculation degree was 0.64. The lithium carbonate warehouse receipts were 32,383 lots, a decrease of 454 lots from the previous day [1]. - According to SMM data, on June 12, 2025, the price of battery - grade lithium carbonate was 60,100 - 61,200 yuan/ton, an increase of 150 yuan/ton from the previous trading day, and the price of industrial - grade lithium carbonate was 58,550 - 59,550 yuan/ton, also an increase of 150 yuan/ton. Overseas mines are holding prices firm, with SC6 quoted at CIF $635/ton or higher. Downstream demand is weak due to sufficient inventory and pessimistic expectations for future lithium salt prices [1]. Inventory and Production - The latest weekly inventory increased slightly by 1,117 tons to 133,500 tons, mainly due to an increase in upstream inventory. The weekly production also increased slightly by 6,561 tons to 18,100 tons, with production from spodumene, mica, and salt lakes all increasing [2]. Strategy - Unilateral: Sell - hedge on rallies. - Inter - period: No strategy. - Cross - variety: No strategy. - Spot - futures: No strategy. - Options: No strategy [3]