光大期货碳酸锂日报-20251112

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - On November 11, the lithium carbonate futures 2601 contract rose 1.38% to 86,540 yuan/ton. Spot prices also increased, with the average price of battery-grade lithium carbonate rising 1,550 yuan/ton to 82,300 yuan/ton, and industrial-grade lithium carbonate rising 1,550 yuan/ton to 80,100 yuan/ton. The warehouse receipt inventory increased by 608 tons to 28,099 tons [3]. - In terms of supply, the weekly production increased by 454 tons to 21,534 tons. In November, the expected production of lithium carbonate is expected to decline by 0.2% to 92,080 tons. On the demand side, the production of ternary materials in November increased by 1% to 85,000 tons, and the production of lithium iron phosphate increased by 4% to 410,000 tons. The weekly inventory decreased by 3,406 tons to 123,953 tons [3]. - From a fundamental perspective, demand in November continued to increase month-on-month, and social inventory has been decreasing for 12 consecutive weeks. However, there are significant differences in news factors, and the rhythm of project resumption is unknown. Short-term market sentiment may fade, and attention should be paid to actual project resumption time and the first-quarter off - season in the power sector [3]. Group 3: Summary by Directory 2. Daily Data Monitoring - Futures: The closing price of the main contract was 86,540 yuan/ton, down 700 yuan; the closing price of the continuous contract was 84,620 yuan/ton, up 120 yuan. Lithium ore prices generally increased, and the price of lithium hexafluorophosphate rose by 2,000 yuan/ton to 122,000 yuan/ton [5]. - Price differences: The price difference between battery-grade and industrial-grade lithium carbonate remained unchanged at 2,200 yuan/ton, while the price difference between battery-grade lithium hydroxide and battery-grade lithium carbonate decreased by 1,250 yuan/ton to -6,370 yuan/ton [5]. 3. Chart Analysis - 3.1 Ore Prices: Charts show the price trends of lithium spodumene concentrate, lithium mica, and other ores from 2024 to 2025 [8][9]. - 3.2 Lithium and Lithium Salt Prices: Charts display the price trends of metal lithium, battery - grade and industrial - grade lithium carbonate, lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [10][11][12]. - 3.3 Price Differences: Charts present the price differences between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, etc., from 2024 to 2025 [17][18]. - 3.4 Precursor & Cathode Materials: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and lithium cobaltate from 2024 to 2025 [24][25][26]. - 3.5 Lithium Battery Prices: Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt - acid cells, and square lithium iron phosphate batteries from 2024 to 2025 [32][33][34]. - 3.6 Inventory: Charts show the inventory trends of downstream, smelters, and other links from March to November 2025 [36][37][38]. - 3.7 Production Costs: The chart shows the production profit trends of lithium carbonate from different raw materials from 2024 to 2025 [40][41].