碳酸锂：复产预期制约上方空间，区间震荡

Group 1: Report Industry Investment Rating - No information provided on the report industry investment rating Group 2: Core Viewpoint - The recovery expectation restricts the upside space of lithium carbonate, and it will fluctuate within a range [1] - The trend strength of lithium carbonate is 0, indicating a neutral view [4] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - 2511 Contract: The closing price was 79,300 yuan, down 2,540 yuan; the trading volume was 20,286 lots, down 10,997 lots; the open interest was 10,627 lots, down 8,078 lots [1] - 2601 Contract: The closing price was 80,780 yuan, down 2,620 yuan; the trading volume was 915,245 lots, up 86,128 lots; the open interest was 510,440 lots, down 22,431 lots [1] - Warehouse Receipts: The number of warehouse receipts was 27,621 lots, down 20 lots [1] - Basis: The basis of spot - 2511 was 1,250 yuan; the basis of spot - 2601 was -230 yuan; the basis of 2511 - 2601 was -1,480 yuan [1] - Raw Materials: The price of spodumene concentrate (6%, CIF China) was 944 US dollars; the price of lepidolite (2.0% - 2.5%) was 2,180 yuan [1] - Lithium Salts: The price of battery - grade lithium carbonate was 80,550 yuan, up 550 yuan; the price of industrial - grade lithium carbonate was 78,350 yuan, up 550 yuan [1] 2. Macro and Industry News - SMM's battery - grade lithium carbonate index price was 80,530 yuan/ton, up 649 yuan/ton compared with the previous working day [2] - In October 2025, the domestic lithium iron phosphate production reached 395,700 tons, a significant month - on - month increase of 11.21%. It is expected to reach 405,600 tons in November [2][4] - Most enterprises maintained full - load production, the orders of B - series suppliers increased slightly, and the overall industry operating rate continued to rise. The expected production in November will increase by 2.5% [4]