碳酸锂：产量增势不减，震荡运行

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report focuses on the fundamentals of lithium carbonate, including market data and macro - industry news. It shows that lithium carbonate production continues to increase and the market is in an oscillatory state [1][2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Market Data: For the 2511 contract, the closing price was 74,040, with a change of 1,160 compared to T - 1; the trading volume was 342,719, down 2,502 from T - 1; the open interest was 261,141, up 487 from T - 1. For the 2601 contract, the closing price was 74,000, with a change of 1,140 compared to T - 1; the trading volume was 85,570, down 1,336 from T - 1; the open interest was 178,347, down 8 from T - 1. The warehouse receipt volume was 40,309, up 560 from T - 1 [1]. - Base - related Data: The spot - 2511 was - 290, down 1,260 from T - 1; the spot - 2601 was - 250, down 1,240 from T - 1; the 2511 - 2601 basis was 40, up 20 from T - 1; the electric carbon - industrial carbon was 2,250, unchanged from T - 1; the spot - CIF was 6,772, down 132 from T - 1 [1]. - Raw Material and Lithium Salt Data: The price of spodumene concentrate (6%, CIF China) was 856, unchanged from T - 1; the price of lithium mica (2.0% - 2.5%) was 1,875, unchanged from T - 1. The price of battery - grade lithium carbonate was 73,750, down 100 from T - 1; the price of industrial - grade lithium carbonate was 71,500, down 100 from T - 1 [1]. 3.2 Macro and Industry News - Price Information: The SMM battery - grade lithium carbonate index price was 73,678 yuan/ton, down 106 yuan/ton from the previous working day. The average price of battery - grade lithium carbonate was 73,750 yuan/ton, down 100 yuan/ton from the previous working day; the average price of industrial - grade lithium carbonate was 71,500 yuan/ton, down 100 yuan/ton from the previous working day [2]. - Production and Inventory: This week's lithium carbonate production was 20,516 tons, an increase of 153 tons from last week. The industry inventory was 136,825 tons, a decrease of 706 tons from last week [2]. - Project News: The 10,000 - ton battery - grade lithium carbonate project of the green comprehensive development and utilization of Zabuye Salt Lake in Tibet was officially put into production on September 20 - 24, 2025 [3]. 3.3 Trend Intensity The trend intensity of lithium carbonate is 0, indicating a neutral view, with the value ranging from - 2 (most bearish) to 2 (most bullish) [3].