Report Industry Investment Rating - Not provided in the content Core View of the Report - On November 13, the main contract of lithium carbonate futures fluctuated widely. The spot market had light trading, and the basis discount widened. With supply and demand both showing certain trends, the news of the resumption of lithium mines in Jiangxi was inconsistent, lithium carbonate production remained high, high prices intensified the downstream wait - and - see sentiment, the spot market trading was light, there was an expectation of weakening in power demand, and the long - short game intensified. It is expected that lithium prices will fluctuate widely. Production enterprises can conduct sell - hedging at high levels, and speculators can try short positions lightly after the upward trend encounters resistance [1] Summary by Related Content Futures Market - On November 13, the closing price of the near - month contract was 86,400 yuan/ton (+1,480 compared to the previous day), the closing price of the continuous - one contract was 87,660 yuan/ton (+1,160), the closing price of the continuous - two contract was 87,620 yuan/ton (+1,340), the closing price of the continuous - three contract was 87,620 yuan/ton (+1,340), and the closing price of another contract was 87,840 yuan/ton (+1,260). The trading volume of the active contract was 1,106,011 lots (-39,318), and the open interest was 536,514 lots (+7,548). The inventory was 27,508 tons (-779) [1] - The spread between the near - month and continuous - one contracts was - 1,260 yuan/ton (+320), the spread between the continuous - one and continuous - two contracts was 40 yuan/ton (-180), the spread between the continuous - two and continuous - three contracts was 0 yuan/ton (unchanged), and the basis was - 3,490 yuan/ton (-210) [1] Spot Market - Lithium spodumene concentrate (6%, CIF China) average price was 1,001 US dollars/ton (+17), lithium mica (Li2O: 1.5% - 2.0%) average price was 1,450 yuan/ton (+30), lithium mica (Li2O: 2.0% - 2.5%) average price was 2,280 yuan/ton (+35), phospho - lithium - aluminum stone (Li2O: 6% - 7%) average price was 8,085 yuan/ton (+205), phospho - lithium - aluminum stone (Li2O: 7% - 8%) average price was 9,510 yuan/ton (+215) [1] - Battery - grade lithium carbonate (99.5%, domestic) average price was 84,350 yuan/ton (+1,050), industrial - grade lithium carbonate (99.2%, domestic) average price was 82,000 yuan/ton (+900), battery - grade lithium hydroxide (56.5%, CIF China, Japan and South Korea) average price was 10.15 US dollars/kg (+0.15), battery - grade lithium hydroxide (56.5%, coarse - grained, domestic) average price was 76,180 yuan/ton (+200), battery - grade lithium hydroxide (56.5%, micronized, domestic) average price was 81,050 yuan/ton (+150) [1] - The spread between battery - grade lithium hydroxide and battery - grade lithium carbonate was - 8,170 yuan/ton (-850), the spread between battery - grade and industrial - grade lithium carbonate was 2,350 yuan/ton (+150), the spread between CIF China, Japan and South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide was - 4,252.03 yuan/ton (+894.97) [1] - Lithium hexafluorophosphate (99.95%, domestic) average price was 131,000 yuan/ton (+5,500), ternary precursor 523 (polycrystalline, consumer - type) average price was 105,500 yuan/ton (+100), ternary precursor 523 (single - crystal, power - type) average price was 95,025 yuan/ton (+50), ternary precursor 622 (polycrystalline, consumer - type) average price was 88,275 yuan/ton (+25), ternary precursor 811 (polycrystalline, power - type) average price was 106,850 yuan/ton (+25) [1] - Ternary material 523 (single - crystal, power - type) average price was 141,650 yuan/ton (+500), ternary material 523 (polycrystalline, consumer - type) average price was 154,325 yuan/ton (+1,000), ternary material 622 (polycrystalline, consumer - type) average price was 143,075 yuan/ton (+3,500), ternary material 811 (polycrystalline, power - type) average price was 160,350 yuan/ton (+100) [1] - Lithium iron phosphate (power - type) average price was 36,960 yuan/ton (+355), lithium iron phosphate (mid - high - end energy - storage type) average price was 35,510 yuan/ton (+255), lithium iron phosphate (low - end energy - storage type) average price was 32,180 yuan/ton (+250), cobalt acid lithium (60%, 4.35V, domestic) average price was 377,000 yuan/ton (unchanged) [1] - Artificial graphite (high - end, ≥355mAh/g) average price was 0 yuan/ton (unchanged), electrolyte (for ternary power) average price was 27,500 yuan/ton (unchanged), electrolyte (for lithium iron phosphate) average price was 25,750 yuan/ton (unchanged), electrolyte (for cobalt acid lithium) average price was 0 yuan/ton (unchanged), electrolyte (for manganese acid lithium) average price was 20,250 yuan/ton (unchanged) [1] - Electrolytic cobalt (≥99.8%, Jinchuan) average price was 394,000 yuan/ton (+1,250), cobalt sulfate (≥20.5%, domestic) average price was 88,500 yuan/ton (+100), cobalt tetroxide (≥72.8%, domestic) average price was 342,500 yuan/ton (unchanged) [1] Inventory - SMM lithium carbonate inventory: smelters had 28,270 tons (-2,445 compared to the previous week), downstream had 48,772 tons (-3,236), others had 43,430 tons (+2,200), and the total was 120,472 tons (-3,481) [1] Industry News - Atlantic Lithium, an Australian - based company, announced that the mining lease for its flagship Ewoyaa lithium project in Ghana has been submitted to the Ghanaian Parliament for review and approval. The lease was initially granted in October 2023 for 15 years and is renewable. Once approved, the company can proceed with financing and off - take agreements for Ghana's first lithium mine [1] - Rio Tinto, the world's second - largest mining company, has put its controversial Jadar lithium project in Serbia on hold. The project, with an investment of $2.95 billion, will enter the "maintenance" state. The project has faced local community opposition, political difficulties, and slow permit approvals [1] Supply and Demand - Supply: Last week, lithium carbonate production was flat month - on - month. Production from spodumene and lithium mica decreased, while production from salt lakes and recycling increased [1] - Demand: Last week, lithium iron phosphate production increased, ternary material production decreased. In November, cobalt acid lithium production is planned to increase, manganese acid lithium production is planned to decrease. Last week, power battery production increased. In October, the growth rate of new energy vehicle production and sales slowed down month - on - month. 3C shipments were average. In November, energy - storage battery production is planned to increase [1]
碳酸锂日评：宽幅震荡-20251114
Hong Yuan Qi Huo·2025-11-14 02:11