碳酸锂日报：碳酸锂强势运行-20251125

Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The lithium carbonate market is strongly operating. The main contract LC2601.GFE in the futures market closed at 95,400 yuan/ton, up 4,920 yuan/ton (+5.44%) from the previous day, showing an upward trend in the past 10 trading days. The spot price of lithium carbonate was 91,960 yuan/ton, down 0.14% from the previous day, also showing an upward trend in the past 10 trading days. The current basis is -1,260 points, a negative basis (spot discount), 2,030 points weaker than the previous day, and the basis has generally strengthened in the past 10 trading days. The registered warehouse receipt volume of lithium carbonate is 26,615 lots, an increase of 105 lots (+0.40%) from the previous day, and the warehouse receipts have generally decreased in the past 10 trading days. Inventory is continuously being depleted [4]. 3. Summary by Related Catalogs 3.1 Industry Dynamics - Futures: The closing price of the main contract was 95,400 yuan/ton, up 4,920 yuan from the previous day and 1,880 yuan from the previous week; the settlement price was 93,220 yuan/ton, up 1,900 yuan from the previous day and down 1,380 yuan from the previous week [6]. - Lithium Spodumene: Australian CIF6 Chinese lithium spodumene concentrate was at 1,110 - 1,150 US dollars/ton, with no change from the previous day and a decrease of 50 - 30 US dollars from the previous week; Brazilian CIF6 Chinese lithium spodumene concentrate was at 1,090 - 1,130 US dollars/ton, with no change from the previous day and a decrease of 50 - 30 US dollars from the previous week; etc. [6]. - Lithium Mica: The average price of lithium mica (Li2O: 1.5 - 2) in China was 1,605 yuan/ton, down 40 yuan from the previous day and up 245 yuan from the previous week; the average price of lithium mica (Li2O: 2 - 2.5) was 2,475 yuan/ton, down 55 yuan from the previous day and up 390 yuan from the previous week; etc. [6]. - Lithium Carbonate and Lithium Hydroxide: The price of lithium carbonate (99.5% electric, domestic) in China was 91,960 yuan/ton, down 130 yuan from the previous day and up 4,540 yuan from the previous week; the price of lithium hydroxide (56.5%, domestic) was 81,120 yuan/ton, down 220 yuan from the previous day and up 2,980 yuan from the previous week; etc. [6]. - Downstream Products: The price of the precursor of ternary precursor (523) in China was 105,500 yuan/ton, with no change from the previous day and the previous week; the price of the precursor of ternary precursor (622) was 106,000 yuan/ton, with no change from the previous day and the previous week; etc. [6] 3.2 Related Charts - Ore and Lithium Prices: Include charts of lithium mica price changes, lithium carbonate futures main price, lithium carbonate (99.5% electric, domestic) price, lithium hydroxide price, lithium carbonate basis, and lithium hydroxide - lithium carbonate price difference [8]. - Cathode & Ternary Materials: Include charts of manganese - acid lithium price, Chinese iron - phosphate lithium price, Chinese cobalt - acid lithium average price, ternary precursor price, and ternary material price [10][11][13] - Other Related Data of Lithium Carbonate Futures: Include charts of lithium carbonate main contract trading volume change, lithium carbonate main contract open interest change, and registered warehouse receipt volume of lithium carbonate [16][17]