Hua Tai Qi Huo·2025-11-12 05:03Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The current futures market shows high - level volatility, with continuous inventory reduction and good support from the consumer side. However, after the price increase, spot trading has weakened, and the downstream's acceptance of high prices is relatively limited. The resumption of production at the mine end is in progress, and it is expected to gradually resume production. Attention should be paid to the inflection points of consumption and inventory. If consumption weakens and the mine resumes production, the inventory may change from destocking to stockpiling, and the futures market may decline [5]. 3. Summary by Directory Market Analysis - On November 11, 2025, the main contract 2601 of lithium carbonate opened at 87,700 yuan/ton and closed at 86,540 yuan/ton, with a 1.38% change from the previous day's settlement price. The trading volume was 902,490 lots, and the open interest was 526,493 lots, a decrease from the previous trading day. The current basis is - 4,800 yuan/ton, and the number of lithium carbonate warehouse receipts was 2,8099 lots, a change of 608 lots from the previous day [2]. - According to SMM data, the price of battery - grade lithium carbonate is 80,600 - 84,000 yuan/ton, with a change of 1,550 yuan/ton from the previous trading day. The price of industrial - grade lithium carbonate is 79,600 - 80,600 yuan/ton, also with a change of 1,550 yuan/ton. The price of 6% lithium concentrate is 1,013 US dollars/ton, a change of 18 US dollars/ton from the previous day. The downstream material factories are cautiously waiting and only making rigid - demand purchases, and the market transactions are mainly based on post - pricing. The overall operating rate of lithium salt plants remains high, and it is expected that the domestic lithium carbonate production in November will be roughly the same as that in October. The power market and the energy storage market are both growing [3]. - Ganfeng Lithium announced that the PPGS lithium salt lake project in Argentina has obtained the "Environmental Impact Assessment Report", and it plans to submit an application to the Argentine government in the first half of 2026. The project has about 15.07 million tons of LCE proven + controlled resources and uses direct lithium extraction technology and solar evaporation pond technology [4]. Strategy - Unilateral: In the short term, it is advisable to wait and see. Pay attention to the inflection points of inventory and consumption and the resumption of production at the mine end, and choose the opportunity to sell hedging at high prices. - There are no suggestions for inter - period, cross - variety, spot - futures, and options trading [5].