Guo Tai Jun An Qi Huo·2025-11-04 02:01Report Overview - Report Date: November 4, 2025 - Report Title: Lithium Carbonate: Game between Positive Demand and Restart Expectations, Range-bound Volatility - Analysts: Shao Wanyi, Liu Hongru 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The lithium carbonate market is in a state of range-bound volatility, with a game between positive demand and restart expectations [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - 2511 Contract: The closing price was 80,620, with a change of 1,320 compared to T - 1. The trading volume was 978, a decrease of 19,308 from T - 1. The open interest was 5,780, a decrease of 4,847 from T - 1 [1]. - 2601 Contract: The closing price was 82,280, with a change of 1,500 compared to T - 1. The trading volume was 586,668, a decrease of 328,577 from T - 1. The open interest was 525,184, an increase of 14,744 from T - 1 [1]. - Warehouse Receipts: The number of warehouse receipts was 27,290, a decrease of 331 from T - 1 [1]. - Basis: The basis of 2511 - 2601 was -1,660, a change of -180 compared to T - 1 [1]. - Raw Materials: The price of spodumene concentrate (6%, CIF China) was 941, a decrease of 3 from T - 1. The price of lepidolite (2.0% - 2.5%) was 2,150, a decrease of 30 from T - 1 [1]. - Lithium Salts: The price of battery - grade lithium carbonate was 81,000, an increase of 450 from T - 1. The price of industrial - grade lithium carbonate was 78,800, an increase of 450 from T - 1 [1]. 3.2 Macro and Industry News - SMM's battery - grade lithium carbonate index price was 81,039 yuan/ton, a daily increase of 509 yuan/ton. The average price of battery - grade lithium carbonate was 81,000 yuan/ton, an increase of 450 yuan/ton. The average price of industrial - grade lithium carbonate was 78,800 yuan/ton, an increase of 450 yuan/ton [2]. - In October, Seres' new energy vehicle sales were 51,456, a year - on - year increase of 42.89%. BYD's new energy vehicle sales in October were 441,706, and the cumulative sales for the year were 3,701,852, a year - on - year increase of 13.88%. SAIC Group's vehicle sales in October were 454,000, a year - on - year increase of 12.96% [2][4]. 3.3 Trend Intensity - The trend intensity of lithium carbonate was 0, indicating a neutral trend [4].