碳酸锂：月末下游补库、矿山复工预期，多空博弈加剧

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - This week, the price of lithium carbonate futures fluctuated greatly, with the center of gravity moving up. The 2601 contract closed at 91,020 yuan/ton, up 3,660 yuan/ton week-on-week, and the 2605 contract closed at 91,960 yuan/ton, up 4,080 yuan/ton week-on-week. The spot price rose 7,150 yuan/ton to 92,300 yuan/ton [1]. - The destocking speed of lithium carbonate inventory has slowed down. The market expects the resumption of the Jiangxi mining project to accelerate. The weekly output increased by 585 tons to 22,000 tons. The downstream may have procurement demand at the end of the month [2]. - The long - short game in the lithium carbonate market has intensified. The long side expects downstream procurement to be concentrated at the end of November, while the short side anticipates the resumption of the Jiangxi mining project in early December. It is expected that the price will fluctuate at a high level before November and decline in December [3]. - The single - side price of lithium carbonate futures is expected to run weakly after high - level fluctuations, with the main contract price operating in the range of 80,000 - 95,000 yuan/ton [4]. - For cross - period trading, a positive spread strategy is recommended. After the forced cancellation in November, attention should be paid to the possible shortage of delivery volume. Lithium salt factories are advised to hedge to lock in profits, while downstream enterprises should reduce the hedging ratio [5]. 3. Summary by Related Catalogs 3.1 Market Data - The report presents multiple charts related to the price differences between lithium carbonate spot and futures, and the cross - period price differences of lithium carbonate futures [7]. 3.2 Upstream Supply of Lithium Salt - Lithium Ore - Charts show the processing profit of spodumene concentrate, the average price trend of spodumene concentrate, the monthly import volume and price of lithium concentrate, and the monthly import volume and price of Australian lithium concentrate [7][8]. 3.3 Mid - stream Consumption of Lithium Salt - Lithium Salt Products - It includes charts on the price of battery - grade lithium carbonate in the East China region, the price of domestic battery - grade lithium carbonate, the price trends of domestic battery - grade and industrial - grade lithium carbonate, the processing cost of converting industrial - grade to battery - grade lithium carbonate and the futures discount cost, the monthly export volume of lithium carbonate and lithium hydroxide, the monthly production volume of domestic lithium carbonate, the monthly production volume of domestic battery - grade and industrial - grade lithium carbonate, the monthly production volume of domestic lithium carbonate by raw material, the monthly production volume of domestic battery - grade and industrial - grade lithium carbonate, the monthly production volume of domestic lithium carbonate by region, the weekly production volume and weekly operating rate of domestic lithium carbonate, the monthly operating rate of domestic lithium carbonate, the monthly import and export volume of lithium carbonate, the monthly import volume of lithium carbonate, the monthly import volume of lithium carbonate from Chile and Argentina, the monthly inventory of domestic lithium carbonate, and the monthly inventory of domestic lithium carbonate in downstream and smelting plants [8][9][10][11][12]. 3.4 Downstream Consumption of Lithium Salt - Lithium Batteries and Materials - There are charts on the monthly production volume and monthly operating rate of lithium iron phosphate, the monthly production volume and monthly operating rate of ternary materials, the monthly production volume of various types of ternary materials, the import and export volume of ternary materials, the installed capacity of Chinese lithium batteries, and the production volume of various types of domestic power lithium batteries [13][14].