新能源及有色金属日报：矿端审批扰动仍较多，碳酸锂盘面宽幅震荡-20250828

Report Industry Investment Rating - Unilateral: Cautiously bullish; No positions recommended for inter - period, inter - commodity, spot - futures, and options [5] Core Viewpoints - The supply - demand pattern is improving with reduced inventory and production. Although some mines have obtained safety production licenses, there is still uncertainty in subsequent mine approvals. The lithium carbonate price may rise after a decline due to support from the consumer side, but the short - term market will be volatile, and participants should manage risks [3] Market Analysis - On August 27, 2025, the main lithium carbonate contract 2511 opened at 79,260 yuan/ton and closed at 78,860 yuan/ton, a - 0.23% change from the previous day's settlement price. The trading volume was 729,645 lots, and the open interest was 351,322 lots. The basis was 1,400 yuan/ton, and the number of lithium carbonate warehouse receipts was 27,477 lots, a change of 787 lots from the previous day [1] - Battery - grade lithium carbonate was priced at 79,600 - 83,600 yuan/ton, and industrial - grade lithium carbonate at 78,700 - 79,900 yuan/ton, both down 100 yuan/ton from the previous day. The price of 6% lithium concentrate was 920 US dollars/ton, unchanged from the previous day. The spot price of lithium carbonate continued to decline [1] - Due to pre - stockpiling by some downstream material factories, the weekly procurement volume decreased. The downstream is cautious, waiting for price drops. Despite this, the "Golden September and Silver October" season provides some rigid support for demand [1] Production and Inventory - Weekly production decreased by 842 tons to 19,138 tons. Production from spodumene increased, while that from mica decreased. Weekly inventory decreased by 713 tons to 141,543 tons. Downstream inventory increased significantly, and smelter inventory decreased [2] Strategy - Pay attention to mine operations. Lithium carbonate may rise after a decline, but short - term market fluctuations are large, and participants should manage risks [3]