碳酸锂日报：碳酸锂震荡企稳-20251120

Report Summary 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The lithium carbonate market is showing signs of stabilization. The futures and spot prices have generally been on an upward trend in the past 10 trading days, but the short - term supply elasticity is insufficient. The futures contract LC2601.GFE closed at 98,980 yuan/ton, down 320 yuan/ton (-0.32%) from the previous day, while the spot price of lithium carbonate was 91,330 yuan/ton, up 2.69% from the previous day. The current basis is - 8,690 points, and the registered warehouse receipts increased by 150 lots (+0.56%) to 26,916 lots [4]. 3. Summary by Directory 3.1 Industry Dynamics - Futures Market: The closing price of the main lithium carbonate futures contract was 98,980 yuan/ton, down 320 yuan/ton from the previous day, and the settlement price was 100,020 yuan/ton, up 1,860 yuan/ton from the previous day. Compared with 5 trading days ago, the closing price increased by 11,140 yuan/ton, and the settlement price increased by 11,660 yuan/ton [6]. - Lithium Ore Prices: The prices of lithium spodumene from different origins (Australia, Brazil, Zimbabwe, etc.) increased, with the price range of Australian CIF6 China lithium spodumene concentrate being 1,230 - 1,280 US dollars/ton, up 50 - 40 US dollars/ton from the previous day. The prices of lithium mica with different Li2O contents in China also rose, such as the average price of lithium mica (Li2O:1.5 - 2) increasing by 145 yuan/ton to 2,245 yuan/ton [6]. - Lithium Salt Prices: The price of domestic 99.5% electric - grade lithium carbonate was 91,330 yuan/ton, up 2,390 yuan/ton from the previous day, and the price of domestic 56.5% lithium hydroxide was 80,600 yuan/ton, up 1,500 yuan/ton from the previous day. The price difference between lithium hydroxide (56.5%, domestic) and lithium carbonate (99.5% electric, domestic) was - 10,730 yuan/ton, down 890 yuan/ton from the previous day [6]. - Downstream Product Prices: The price of some downstream products such as electrolyte (manganese - acid lithium) and lithium iron phosphate (cathode material) increased, while the prices of some ternary materials and precursors remained stable or changed slightly [6]. 3.2 Related Charts - Ore and Lithium Prices: The charts show the price changes of lithium mica, lithium carbonate futures, lithium hydroxide, lithium carbonate basis, and the price difference between lithium hydroxide and lithium carbonate over time [8]. - Cathode & Ternary Materials: The charts display the price changes of manganese - acid lithium, lithium iron phosphate, cobalt - acid lithium, ternary precursors, and ternary materials [10][15]. - Other Related Data of Lithium Carbonate Futures: The charts present the changes in the trading volume, open interest, and registered warehouse receipts of lithium carbonate futures [17][18].