新能源及有色金属日报：反弹后套保意愿较高，碳酸锂盘面走弱-20250701

Report Industry Investment Rating - Not provided Core View of the Report - Recently, due to the impact of delivery game triggered by the expected cancellation of warehouse receipts, the futures market has rebounded. However, after the price increase, the willingness to hedge is strong, and the number of warehouse receipts has also increased. The market may return to the fundamentals and operate with a weak and volatile trend [2] Summary by Relevant Catalogs Market Analysis - On June 30, 2025, the main contract 2509 of lithium carbonate opened at 63,460 yuan/ton and closed at 62,260 yuan/ton, a decrease of 0.77% compared to the previous trading day's settlement price. The trading volume was 389,727 lots, and the open interest was 330,824 lots, a decrease of 10,624 lots from the previous trading day. The total open interest of all contracts was 596,987 lots, a decrease of 18,035 lots from the previous trading day. The total trading volume of contracts decreased by 296,883 lots from the previous trading day, with a trading volume of 494,672, and the overall speculation degree was 0.83. The number of lithium carbonate warehouse receipts was 2,2628 lots, an increase of 630 lots from the previous trading day [1] - According to SMM data, on June 30, 2025, the price of battery-grade lithium carbonate was quoted at 60,500 - 62,100 yuan/ton, an increase of 1,500 yuan/ton from the previous trading day, and the price of industrial-grade lithium carbonate was quoted at 59,200 - 60,200 yuan/ton, also an increase of 1,500 yuan/ton from the previous trading day. The market is in a game situation of "upstream price support and downstream price pressure". The overall market transaction is light, but some rigid demand orders support a slight price increase. Affected by the futures market, the spot price has also strengthened, but the fundamentals have not improved [1] Strategy - Overall, the market may return to the fundamentals and operate with a weak and volatile trend. For the unilateral strategy, it is recommended to sell and hedge at high prices. There are no recommended strategies for inter - period, cross - variety, basis, and options [2]