碳酸锂日评：波动再放大，持仓注意保护-20250825

Report Summary 1. Report Title - "Carbonate Lithium Daily Review 20250825: Fluctuations Amplified Again, Protect Positions" [1] 2. Core View - On August 22, 2025, the main contract of carbonate lithium futures fluctuated downward. The short - term supply and demand both strengthened, with high carbonate lithium production, rising downstream demand, and social inventory destocking. The short - term fundamentals changed little, and it was necessary to guard against the repeated "anti - involution" sentiment. It was expected that the carbonate lithium price would fluctuate widely. Operationally, short - term, interval trading was recommended, and one could buy on dips and appropriately purchase options for protection [2]. 3. Key Data Summary Futures Market - Closing Prices: The closing prices of near - month, consecutive - one, consecutive - two, consecutive - three contracts and others on August 22, 2025 were 79180, 79180, 78620, 78620, 78960 yuan/ton respectively, all showing a decline compared to August 21 [2]. - Trading Volume: The trading volume of carbonate lithium futures on August 22 was 932675 hands, an increase of 154848 hands compared to August 21 [2]. - Open Interest: The open interest of the active contract on August 22 was 362254 hands, a decrease of 27815 hands compared to August 21 [2]. Spot Market - Prices of Lithium - Related Products: Most lithium - related products' prices decreased on August 22 compared to August 21. For example, the average price of battery - grade carbonate lithium decreased by 1300 yuan/ton, and the average price of industrial - grade carbonate lithium also decreased by 1300 yuan/ton [2]. - Inventory: The SMM carbonate lithium inventory data showed that the total inventory on August 21 was 141543 tons, a decrease of 713 tons compared to the previous total [2]. 4. Industry News - A rumored "capacity clearance" document was confirmed, and a closed - door meeting of the lithium iron phosphate industry was held in Shenzhen [2]. - Dazhong Mining (001203) is applying for a lithium mining license in Hunan. It plans to put the first - phase 20,000 - ton lithium mining, beneficiation and smelting project in Hunan into production in 2026, and has achieved by - product ore revenue in the first half of 2025. The Sichuan lithium mine will start producing and selling raw ore this year [2]. - Premier African Minerals completed the second - phase trial operation of the main flotation plant of its Zulu project in Zimbabwe on August 21. The plant can operate continuously as expected, and the grade of lithium oxide in the lithium concentrate has reached 6.2% [2].