新能源及有色金属日报：仓单注销较多，短期消费端表现仍较强-20251014

Report Summary 1. Market Analysis - On October 13, 2025, the opening price of the lithium carbonate main contract 2511 was 72,800 yuan/ton, and the closing price was 72,280 yuan/ton, a -1.12% change from the previous trading day's settlement price. The trading volume was 282,178 lots, and the open interest was 207,463 lots, compared to 221,919 lots in the previous trading day. The current basis was 900 yuan/ton (average price of electric carbon - futures). The number of lithium carbonate warehouse receipts was 36,718 lots, a change of -5,951 lots from the previous trading day [1]. - According to SMM data, the price of battery - grade lithium carbonate was quoted at 72,300 - 73,900 yuan/ton, a change of -450 yuan/ton from the previous trading day, and the price of industrial - grade lithium carbonate was quoted at 70,250 - 71,450 yuan/ton, also a change of -450 yuan/ton. The price of 6% lithium concentrate was 818 US dollars/ton, a change of -10 US dollars/ton from the previous day. The psychological expectation price of downstream material factories continued to decrease, and the overall market transaction activity was average [1]. - In terms of supply, new production lines were put into operation at both the spodumene end and the salt lake end, and it was expected that the total output of lithium carbonate in October still had growth potential. In terms of demand, the new - energy vehicle market for both commercial and passenger use in the power market grew rapidly, and the energy - storage market had strong supply and demand. Overall, although the supply increased steadily in October, a stage of tight supply was formed [1]. 2. Company News - BYD announced its production and sales report for September 2025. In September 2025, the total installed capacity of BYD's new - energy vehicle power batteries and energy - storage batteries was approximately 23.2 GWh, a year - on - year increase of 17.17% and a month - on - month increase of 0.11%. The cumulative installed capacity in 2025 was approximately 203.251 GWh, a cumulative year - on - year increase of 59.14% [2]. 3. Strategy - The futures market was weak on the day, but there was some support during the consumption peak season. The short - term supply - demand pattern was good, inventory continued to decline, and the market had some support. It was expected that the market would fluctuate in the short term. The policy disturbance at the mine end had weakened to some extent. If the mines resumed production and consumption weakened later, the market might decline. Recently, the market was greatly affected by macro - sentiment. If there was a large rebound, short - selling hedging could be carried out at high prices [3]. - Unilateral: Short - term range operation, short - selling hedging can be carried out at high prices [3]. - Inter - period: None [3]. - Cross - variety: None [3]. - Spot - futures: None [3]. - Options: None [3].