碳酸锂：供需双增，偏弱震荡

Report Summary 1. Report Industry Investment Rating - The report does not explicitly provide an industry investment rating. 2. Core View of the Report - The report focuses on the lithium carbonate market, indicating that both supply and demand are increasing, and the market is in a weakly oscillating state. The trend strength of lithium carbonate is -1, suggesting a relatively bearish outlook [1][3]. 3. Summary by Relevant Catalog 3.1 Fundamental Tracking - Futures Contracts: For the 2509 contract, the closing price was 73,880 yuan, with a change of 880 yuan compared to T - 1. The trading volume was 50, and the open interest was 3,467. For the 2511 contract, the closing price was 74,260 yuan, the trading volume was 802,006, and the open interest was 364,002 [1]. - Warehouse Receipts: The warehouse receipt volume was 36,631 hands, an increase of 1,683 hands compared to T - 1 [1]. - Basis: The basis of spot - 2509 was 870 yuan, and spot - 2511 was 490 yuan. The basis of 2509 - 2511 was -380 yuan [1]. - Raw Materials: The price of spodumene concentrate (6%, CIF China) was 871 yuan, and the price of lepidolite (2.0% - 2.5%) was 1,865 yuan [1]. - Lithium Salts: The price of battery - grade lithium carbonate was 74,750 yuan, and industrial - grade lithium carbonate was 72,500 yuan. The price of battery - grade lithium hydroxide (micropowder) was 80,520 yuan [1]. - Industry Chain Related Data: The price of lithium iron phosphate (power type) was 33,930 yuan, and the price of ternary materials 523 (polycrystalline/consumer type) was 113,450 yuan [1]. 3.2 Macro and Industry News - The SMM battery - grade lithium carbonate index price was 74,655 yuan/ton, a decrease of 214 yuan/ton compared to the previous working day. Kodal Minerals obtained approval from the Malian government to export 125,000 tons of spodumene concentrate from the Bougouni lithium project [2]. 3.3 Trend Strength - The trend strength of lithium carbonate is -1, with the value ranging from -2 to 2, indicating a relatively bearish view [3].