碳酸锂：复产预期叠加淡季预期，偏弱震荡

Report Summary Investment Rating - No investment rating for the industry is provided in the report. Core View - The report indicates that lithium carbonate is expected to experience weak and volatile trends due to the expectation of production resumption and the off - season [1]. Summary by Directory 1. Fundamental Tracking - Futures Data: For the 2511 contract, the closing price was 77,160 yuan, down 3,460 yuan compared to T - 1; the trading volume was 428 lots, down 550 lots; and the open interest was 5,505 lots, down 275 lots. For the 2601 contract, the closing price was 78,560 yuan, down 3,720 yuan compared to T - 1; the trading volume was 975,978 lots, up 389,310 lots; and the open interest was 457,374 lots, down 67,810 lots [1]. - Warehouse Receipts: The warehouse receipt volume was 26,490 lots, down 800 lots compared to T - 1 [1]. - Basis: The basis of spot - 2511 was 3,740 yuan; spot - 2601 was 2,340 yuan; 2511 - 2601 was - 1,400 yuan; electric carbon - industrial carbon was 2,200 yuan; and spot - CIF was 11,448 yuan [1]. - Raw Materials: The price of lithium spodumene concentrate (6%, CIF China) was 931 US dollars, down 10 US dollars compared to T - 1; the price of lithium mica (2.0% - 2.5%) was 2,115 yuan, down 35 yuan [1]. - Lithium Salts: The price of battery - grade lithium carbonate was 80,900 yuan, down 100 yuan compared to T - 1; the price of industrial - grade lithium carbonate was 78,700 yuan, down 100 yuan [1]. - Related Products: The price of lithium iron phosphate (power type) was 36,025 yuan, down 25 yuan compared to T - 1; the price of ternary material 523 (polycrystalline/consumer type) was 147,825 yuan, unchanged [1]. 2. Macro and Industry News - The SMM battery - grade lithium carbonate index price was 80,903 yuan/ton, down 136 yuan/ton compared to the previous working day. Battery - grade lithium carbonate was in the range of 79,400 - 82,400 yuan/ton, with an average price of 80,900 yuan/ton, down 100 yuan/ton. Industrial - grade lithium carbonate was in the range of 78,100 - 79,300 yuan/ton, with an average price of 78,700 yuan/ton, down 100 yuan/ton [2]. - Samsung SDI is expected to reach a large - scale energy storage battery supply agreement worth over 3 trillion won (2.1 billion US dollars, 14.9 billion yuan) with Tesla, supplying about 10 GWh per year for 3 years, marking Samsung SDI's first entry into Tesla's supply chain [3]. 3. Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral trend [3].