碳酸锂小幅下跌：碳酸锂日报-20251118

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - The main contract of lithium carbonate futures (LC2601.GFE) closed at 93,520 yuan/ton, down 1,680 yuan/ton (-1.76%) from the previous day, showing an upward trend in the past 10 trading days. - The spot price of lithium carbonate was 87,420 yuan/ton, up 1.45% from the previous day, also showing an upward trend in the past 10 trading days. - The current basis was -7,180 points, a negative basis (spot discount), weakening by 690 points from the previous day, and the basis has been weakening overall in the past 10 trading days. - The registered warehouse receipts of lithium carbonate were 26,611 lots, down 342 lots (-1.27%) from the previous day, and the warehouse receipts have been decreasing overall in the past 10 trading days. - Social inventory has dropped to a low level. [4] 3. Summary by Directory 3.1 Industry Dynamics - Futures: The main contract closing price was 93,520 yuan/ton, down 1,680 yuan/ton from the previous day and up 6,980 yuan/ton from the previous week; the main contract settlement price was 94,600 yuan/ton, up 1,940 yuan/ton from the previous day and up 7,840 yuan/ton from the previous week. - Lithium Ore: The prices of lithium spodumene from different origins (Australia, Brazil, Zimbabwe, Mali) showed varying degrees of increase compared to the previous day and week; the prices of lithium mica with different Li2O contents in the Chinese market also increased. - Lithium Compounds: The price of domestic 99.5% electric-grade lithium carbonate was 87,420 yuan/ton, up 1,250 yuan/ton from the previous day and up 5,060 yuan/ton from the previous week; the price of domestic 56.5% lithium hydroxide showed an upward trend, while some market prices of battery - grade and industrial - grade lithium hydroxide remained unchanged. - Downstream Products: The prices of some ternary materials and precursors remained stable, while the price of some products such as lithium hexafluorophosphate increased. [6] 3.2 Related Charts - Ore and Lithium Prices: Charts showed the price changes of lithium mica, lithium carbonate futures, lithium hydroxide, lithium carbonate basis, and the price difference between lithium hydroxide and lithium carbonate. - Cathode & Ternary Materials: Charts presented the price changes of manganese - acid lithium, lithium iron phosphate, cobalt - acid lithium, ternary precursors, and ternary materials. - Lithium Carbonate Futures Other Related Data: Charts showed the changes in trading volume, open interest, and registered warehouse receipts of lithium carbonate futures. [7][10][16]