碳酸锂期货日报-20251114

Report Information - Report Title: Carbonate Lithium Futures Daily Report [1] - Date: November 14, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] Report Industry Investment Rating - Not provided Core View - Carbonate lithium futures' price and trading volume reached a new high this year, with strong capital gaming sentiment. The supply growth of carbonate lithium is minimal, and the high supply pressure earlier this year is easing. Demand is expected to remain strong, and with inventory depletion accelerating, the price of carbonate lithium is expected to continue rising [10]. Summary by Directory 1. Market Review and Operation Suggestions - Carbonate lithium's weekly production reached 21,545 tons, a slight increase of 9 tons from last week, showing a clear peak signal. The production from spodumene and mica decreased, while that from salt lakes and recycling increased. With winter approaching, salt - lake production is expected to decline, so supply growth is minimal [10]. - On the demand side, the electrolyte price remained high and flat this week. The upstream's willingness to ship decreased, while the downstream's purchasing intention continued to rise. The price of 6F kept strengthening, and the supply - demand in the electrolyte field continued to tighten. The prices of cathode materials all rose, with the 6 - series ternary increasing by 4,000 yuan/ton and lithium iron phosphate by 920 - 1,060 yuan/ton. The new - energy vehicle market in both commercial and passenger segments grew rapidly, and the energy - storage market had strong supply and demand. Carbonate lithium demand is expected to remain good this year [10]. - The social inventory of carbonate lithium decreased by 3,481 tons this week, and the inventory depletion speed continued to accelerate. Supported by demand, the spot price of carbonate lithium is approaching the futures price, and the price is expected to keep rising [10]. 2. Industry News - Global second - largest miner Rio Tinto has shelved its controversial Jadar lithium project in Serbia, which involves an investment of $2.95 billion. The project has faced local community opposition, political protests, and slow permit approval. This move aligns with the new CEO's strategy of simplifying operations and cutting costs [13]. - The lawsuit between Tianqi Lithium and Chilean chemical and mining company SQM over the "public - private partnership" issue has progressed. On the evening of November 12, the local Chilean court rejected Tianqi Lithium's lawsuit. Tianqi Lithium said it will comprehensively evaluate and may take further actions [14].