碳酸锂：基差持稳，区间震荡延续

1. Report Industry Investment Rating - No information provided about the industry investment rating in the given content. 2. Core View of the Report - The report focuses on the lithium carbonate market, stating that the basis remains stable and the range - bound oscillation continues. The trend strength of lithium carbonate is - 1, indicating a weak bearish view [1][3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Data: The 2509 contract's closing price is 77,000 yuan, down 1,140 yuan from T - 1; its trading volume is 10,537 lots, down 2,243 lots; and its open interest is 17,135 lots, down 5,709 lots. The 2511 contract's closing price is 77,180 yuan, down 960 yuan from T - 1; its trading volume is 490,058 lots, down 315,527 lots; and its open interest is 346,605 lots, down 458 lots [1]. - Warehouse Receipts: The warehouse receipt volume is 29,887 lots, up 930 lots from T - 1 [1]. - Basis Data: The basis of spot - 2509 is 2,650 yuan, up 790 yuan from T - 1; the basis of spot - 2511 is 2,470 yuan, up 610 yuan from T - 1; the basis of 2509 - 2511 is - 180 yuan, unchanged from T - 1 [1]. - Raw Materials: The price of spodumene concentrate (6%, CIF China) is 894 yuan, up 5 yuan from T - 1; the price of lithium mica (2.0% - 2.5%) is 1,975 yuan, up 60 yuan from T - 1 [1]. - Lithium Salts: The price of battery - grade lithium carbonate is 79,650 yuan, down 350 yuan from T - 1; the price of industrial - grade lithium carbonate is 77,350 yuan, down 350 yuan from T - 1 [1]. - Related Products in the Industry Chain: The price of lithium iron phosphate (power type) is 35,115 yuan, down 90 yuan from T - 1; the price of ternary material 523 (polycrystalline/consumer type) is 114,100 yuan, unchanged from T - 1 [1]. 3.2 Macro and Industry News - SMM's battery - grade lithium carbonate index price is 79,628 yuan/ton, down 314 yuan/ton from the previous trading day. The average price of battery - grade lithium carbonate is 79,650 yuan/ton, down 350 yuan/ton; the average price of industrial - grade lithium carbonate is 77,350 yuan/ton, down 350 yuan/ton [2]. - Chile's economic minister expects Codelco and SQM to reach a major lithium cooperation deal before the end of the current government's term in 2026. Some presidential candidates claim to re - examine or abolish the agreement if it doesn't land before President Boric leaves office, and the government is accelerating this core project of the national lithium strategy [3].