光大期货碳酸锂日报-20251113

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - On November 12, 2025, the lithium carbonate futures 2601 contract dropped 0.21% to 86,580 yuan/ton. The average price of battery - grade lithium carbonate rose 1,000 yuan/ton to 83,300 yuan/ton, and the average price of industrial - grade lithium carbonate rose 1,000 yuan/ton to 81,100 yuan/ton. The battery - grade lithium hydroxide (coarse particles) rose 50 yuan/ton to 75,970 yuan/ton. The warehouse receipt inventory increased 188 tons to 28,287 tons [3]. - On the supply side, the weekly production increased 454 tons to 21,534 tons. In November, the expected lithium carbonate production is forecast to decline 0.2% to 92,080 tons. On the demand side, the production of ternary materials in November increased 1% to 85,000 tons, and the production of lithium iron phosphate increased 4% to 410,000 tons. The weekly inventory decreased 3,406 tons to 123,953 tons [3]. - Demand drives prices and supports them from below. Currently, there are significant differences between bulls and bears in the futures market, and market sentiment has weakened. Short - term prices may fluctuate widely, and attention should be paid to market sentiment, positions, actual project restart times, and potential off - seasons in the power sector [3]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - The prices of various products in the lithium - battery industry chain showed different changes on November 12, 2025. For example, the closing price of the main futures contract increased 40 yuan/ton to 86,580 yuan/ton, and the price of battery - grade lithium carbonate rose 1,000 yuan/ton to 83,300 yuan/ton [5]. 3.2 Chart Analysis 3.2.1 Ore Prices - Charts show the price trends of lithium - containing ores such as lithium spodumene concentrate, lithium mica, and lithium - phosphorus - aluminum stone from 2024 to 2025 [6][8][9]. 3.2.2 Lithium and Lithium Salt Prices - Charts display the price trends of lithium metal, battery - grade lithium carbonate, industrial - grade lithium carbonate, battery - grade lithium hydroxide, industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [10][11][13]. 3.2.3 Price Spreads - Charts present the price spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, etc., from 2024 to 2025 [17][18][20]. 3.2.4 Precursors and Cathode Materials - Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and lithium cobalt oxide from 2024 to 2025 [24][25][27]. 3.2.5 Lithium Battery Prices - Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, lithium cobalt oxide cells, and square lithium iron phosphate batteries from 2024 to 2025 [33][34][36]. 3.2.6 Inventory - Charts show the inventory trends of downstream, smelters, and other sectors from March to November 2025 [37][38][39]. 3.2.7 Production Costs - The chart shows the production profit trends of lithium carbonate from different raw materials such as外购三元极片黑粉,外购磷酸铁锂极片黑粉,外购锂云母精矿, and外购锂辉石精矿 from 2024 to 2025 [41][42]