江西矿端扰动仍未定，碳酸锂盘面宽幅震荡

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The current fundamental situation is favorable, but there are numerous disturbing news from the lithium ore end, especially continuous news about lithium ore approval issues without definite information, leading to significant fluctuations in the lithium carbonate market. It is advisable to adopt a short - term wait - and - see approach [3]. 3. Summary by Related Catalogs Market Analysis - On August 6, 2025, the opening price of the lithium carbonate main contract 2511 was 68,100 yuan/ton, and the closing price was 69,620 yuan/ton, with a 1.58% change compared to the previous day's settlement price. The trading volume was 425,359 lots, and the open interest was 257,770 lots, an increase from the previous trading day's 232,062 lots. The current basis was 2,450 yuan/ton (average price of electric carbon - futures), and the number of lithium carbonate warehouse receipts was 1,5023 lots, a change of 580 lots from the previous day [1]. - According to SMM data, the price of battery - grade lithium carbonate was 69,250 - 72,650 yuan/ton, a decrease of 250 yuan/ton from the previous trading day; the price of industrial - grade lithium carbonate was 68,250 - 69,450 yuan/ton, also a decrease of 250 yuan/ton. The price of 6% lithium concentrate was 735 US dollars/ton, a decrease of 10 US dollars/ton from the previous day [1]. - In August, with the steady increase in the production plans of downstream cathode material and battery cell enterprises, the market procurement demand showed a warming trend, and the inquiry activity increased significantly. However, due to the continuous strengthening of the basis in the lithium carbonate spot market, the current actual transactions are mainly for rigid demand. Downstream enterprises generally remain cautious and have not shown obvious inventory stocking behavior [1]. - In July, the production growth rate of lithium iron phosphate materials in China remained at a low level, with a month - on - month increase of 1.86% compared to June. The strong energy storage demand offset the slowdown in the power end. In August, the performance of the energy storage and power markets was still good, and the production plans of lithium iron cathode material factories will speed up accordingly. It is expected that the growth rate of cathode materials in August will be about 5% [2]. Strategy Given the current situation where the fundamentals are good but the lithium carbonate market fluctuates greatly due to uncertain news from the lithium ore end, it is recommended to wait and see in the short term [3]. Transaction Recommendations - Unilateral: None - Inter - delivery spread: None - Inter - commodity spread: None - Spot - futures: None - Options: None [5]