新能源及有色金属日报：下游逢低点价补库，碳酸锂盘面宽幅震荡-20250924

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The futures market for lithium carbonate is expected to oscillate in the short term due to support from the consumption peak season, good short - term supply - demand patterns, and inventory depletion. However, it may decline after the resumption of mining production and weakening consumption [3]. 3. Summary by Related Catalogs Market Analysis - On September 23, 2025, the lithium carbonate main contract 2511 opened at 73,040 yuan/ton and closed at 73,660 yuan/ton, with a - 0.16% change from the previous trading day's settlement price. The trading volume was 497,857 lots, and the open interest was 255,907 lots (previous day: 271,624 lots). The current basis was 1,310 yuan/ton. The lithium carbonate warehouse receipts were 39,449 lots, a change of 540 lots from the previous day [2]. - According to SMM data, the price of battery - grade lithium carbonate was 73,200 - 74,500 yuan/ton, and industrial - grade lithium carbonate was 71,000 - 72,200 yuan/ton, both unchanged from the previous day. The price of 6% lithium concentrate was 833 dollars/ton, also unchanged [2]. - Downstream material manufacturers are active in spot - price procurement when prices fall but become cautious when prices rebound. There is pre - National Day stockpiling demand during the peak season, and they are more willing to buy at relatively low prices [2]. - Lithium carbonate produced from spodumene accounts for over 60% of the market supply, while that from lepidolite has decreased to 15% [2]. Strategy - Short - term trading should adopt a range - bound strategy, and selling hedges can be done at high prices. There are no strategies for inter - delivery spread, cross - variety, spot - futures, or options trading [5].