新能源及有色金属日报：仓单减少较多，需关注近月交割情况-20250619

Report Summary 1. Market Analysis - On June 18, 2025, the main lithium carbonate contract 2509 opened at 60,000 yuan/ton and closed at 59,880 yuan/ton, a 0.02% decrease from the previous day's settlement price. The trading volume was 181,046 lots, and the open interest was 306,885 lots, a decrease of 450 lots from the previous day. The total open interest of all contracts was 604,974 lots, a decrease of 7,855 lots from the previous day. The total trading volume of the contracts decreased by 12,486 lots from the previous day, and the overall speculation degree was 0.43. The lithium carbonate warehouse receipts were 29,967 lots, a decrease of 1,746 lots from the previous day [1]. - According to SMM data, on June 18, 2025, the price of battery - grade lithium carbonate was 59,900 - 61,000 yuan/ton, and the price of industrial - grade lithium carbonate was 58,350 - 59,350 yuan/ton, both remaining stable from the previous day. The lithium carbonate market still shows a pattern of oversupply, with the supply side having relatively sufficient available quantities and the demand side being relatively weak. Downstream material enterprises have low procurement willingness and mainly replenish inventory on a just - in - time basis [1]. 2. Inventory - According to the latest SMM statistics, the spot inventory is 133,500 tons, including 57,700 tons in smelters, 40,700 tons in downstream enterprises, and 35,200 tons in other inventories [2]. 3. Strategy - Overall, the fundamentals are weak, but there are still many positions in the near - month contracts, and many warehouse receipts have been cancelled, resulting in certain market games. Attention should be paid to the risks caused by position reduction and delivery games. If there is a significant rebound, short - selling hedging can be considered at an appropriate time. - For single - side trading, sell on rallies for hedging; for inter - period, inter - variety, spot - futures, and options trading, no strategies are proposed [3].