碳酸锂日评：宽幅震荡-20251110

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report [1] 2. Core View of the Report - The current supply and demand of lithium carbonate are both strong. The news of the resumption of lithium mines in Jiangxi is inconsistent, and the production of lithium carbonate remains high. High prices have intensified the wait - and - see sentiment among downstream players. The peak of power demand may be approaching. If the weakening of demand is verified, there is still room for the price to decline. It is expected that the lithium price will fluctuate widely. The report suggests investors to take a wait - and - see approach [1] 3. Summary by Relevant Information 3.1 Lithium Carbonate Futures Market - Prices: On November 7, 2025, the closing prices of near - month, continuous - one, continuous - two, and continuous - three contracts of lithium carbonate futures all increased compared to the previous period. For example, the near - month contract closing price was 80,460 yuan/ton, up 2,580 yuan from the previous period [1] - Trading Volume and Open Interest: The trading volume of the active contract of lithium carbonate futures was 810,655 hands (+228,622), and the open interest was 490,951 hands (+18,968) [1] - Inventory: The inventory was 27,332 tons, an increase of 912 tons [1] - Spreads: The spread between near - month and continuous - one contracts was - 1,700 yuan, up 780 yuan; the spread between continuous - one and continuous - two contracts was 60 yuan, down 60 yuan; the spread between continuous - two and continuous - three contracts was 0 yuan, up 300 yuan; the basis (SMM battery - grade lithium carbonate average price - lithium carbonate active contract closing price) was - 1,900 yuan, down 1,800 yuan [1] 3.2 Lithium - Related Raw Material Prices - Lithium Ore: The average prices of lithium spodumene concentrate (6%, CIF China), lithium mica (Li2O: 1.5% - 2.0%), lithium mica (Li2O: 2.0% - 2.5%), phospho - lithium - aluminum stone (Li2O: 6% - 7%), and phospho - lithium - aluminum stone (Li2O: 7% - 8%) all increased [1] - Lithium Compounds: The average prices of battery - grade lithium carbonate (99.5%/domestic), industrial - grade lithium carbonate (99.2%/domestic), and some types of lithium hydroxide changed slightly. The price of battery - grade lithium hydroxide decreased by 100 yuan compared to the previous period, and the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate was - 4,820 yuan, down 100 yuan [1] - Other Materials: The prices of some materials such as ternary precursors, ternary materials, and lithium iron phosphate changed little, while the price of cobalt metal increased [1] 3.3 Lithium Carbonate Inventory - The total SMM lithium carbonate inventory was 123,953 tons, a decrease of 3,405 tons compared to the previous period. The inventories of smelters, downstream, and other sectors all decreased [1] 3.4 Industry News - Australian listed company Clean TeQ Water signed a contract worth about 12.5 million US dollars (about 19.2 million Australian dollars) with Rio Tinto's subsidiary Rincon Mining to provide engineering design, procurement, and supply services for the Rancoin project in Argentina. The project will use Clean TeQ's patented CLEAN - IX mobile lithium ion exchange (MBIX) technology, which is expected to be completed in three years [1] 3.5 Supply and Demand Analysis - Supply: The production of lithium carbonate increased last week, and the production of lithium carbonate from various raw materials all rose [1] - Demand: The production of lithium carbonate products, ternary materials, and power batteries increased last week. In November, the production of cobalt - lithium products increased, while the production of lithium carbonate decreased. In October, the year - on - year and month - on - month growth rates of new energy vehicle production and sales slowed down, 3C shipments were average, and the production of energy - storage batteries increased in November [1]