碳酸锂期货日报-20251112

Group 1: Report Overview - Report Name: Carbonate Lithium Futures Daily Report [1] - Date: November 12, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] Group 2: Market Review and Operation Suggestions - Futures Market: Carbonate lithium futures prices rose significantly, with total positions increasing by 77,114 lots. After the evaluation report of the Jianxiawo mining area was released, the resumption time of the mine was postponed, and strong demand led to a short - term influx of funds. However, the current futures market sentiment is more exuberant than the spot market, and there is a high risk of short - term chasing [11]. - Spot Market: The price of electric carbon increased by 350 to 80,750. The spot price was significantly at a discount to the futures price. The price increase of lithium hexafluorophosphate and electrolyte slowed down. The price of Australian ore increased by 55 to 995, lithium mica ore increased by 60, ternary materials increased by 100 - 1,500, and lithium iron phosphate increased by 80 - 90. The industrial chain is still in the price - rising channel [11]. Group 3: Industry News - Copper in Data Centers: As the power density of AI servers exceeds 100kW/cabinet, high - speed copper cables are gradually replacing some optical modules as the mainstream choice for internal interconnection in data centers. In 2026, the global copper demand in data centers is expected to reach 710,000 tons, with AI - related scenarios contributing over 40% of the increase [12]. - Fortune Minerals: Fortune Minerals received a binding loan offer of CAD 3.8 million (about USD 2.7 million) from Prosper NWT. The loan will help the company acquire a refinery and existing facilities in Lamont County, Alberta. The company plans to build a hydrometallurgical plant there to process concentrates from the NICO cobalt - gold - bismuth - copper mine. The NICO project is in the late - stage development phase, and the mine's core deposit has a reserve of 33.1 million tons [12]. - NICO Project Funding: In March, the NICO project received additional funding support from the Canadian and US governments. The Canadian domestic funding reached CAD 7.5 million (about USD 5.5 million), covering 75% of the CAD 10 million additional engineering and testing work. The US Department of Defense awarded the company USD 6.38 million to expand cobalt production capacity [13]