新能源及有色金属日报：下游观望情绪较重，碳酸锂盘面震荡运行-20250918

Report Industry Investment Rating - Not provided Core Viewpoints - On September 17, 2025, the lithium carbonate futures market showed a volatile trend. The short - term supply - demand pattern is favorable, but downstream purchasing willingness is low. It is expected to continue to fluctuate in the short term and may decline after the mine resumes production and consumption weakens [1][3] - In September, the market shows a situation where supply and demand increase simultaneously, but the demand growth rate is faster, and it is expected that there will be a stage of tight supply this month [2] Market Analysis - On September 17, 2025, the lithium carbonate main contract 2511 opened at 73,160 yuan/ton and closed at 73,640 yuan/ton, with a 0.03% change from the previous day's settlement price. The trading volume was 343,863 lots, and the open interest was 294,624 lots (compared to 300,437 lots the previous day). The basis was 170 yuan/ton, and the number of warehouse receipts was 39,234 lots, a change of 410 lots from the previous day [1] - According to SMM data, the price of battery - grade lithium carbonate is 72,300 - 74,000 yuan/ton, a change of 300 yuan/ton from the previous day; the price of industrial - grade lithium carbonate is 70,300 - 71,500 yuan/ton, also a 300 - yuan/ton change. The price of 6% lithium concentrate is 825 US dollars/ton, a change of 5 US dollars/ton [2] Strategy - Unilateral: Short - term range trading, sell - hedging on rallies [5] - Inter - period: None [5] - Cross - variety: None [5] - Spot - futures: None [5] - Options: None [5]