碳酸锂：市场情绪向好，高位震荡

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core View of the Report The market sentiment for lithium carbonate is positive, and the price is expected to fluctuate at a high level. The demand for basic lithium materials in the energy storage and power battery sectors continues to rise, and the global lithium demand in 2026 is expected to reach 2 million tons of lithium carbonate equivalent, basically achieving a supply - demand balance [1][4]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Market Data: The closing prices of the 2601 and 2605 contracts of lithium carbonate are 95,400 yuan and 97,340 yuan respectively. The trading volume of the 2601 contract is 511,279, and the trading volume of the 2605 contract is 590,356. The positions of the 2601 and 2605 contracts are 343,199 and 430,223 respectively. The warehouse receipt volume is 26,615 [2]. - Spot - Futures Basis Data: The basis of spot - 2601 is - 3,350 yuan, and the basis of spot - 2605 is - 5,290 yuan. The basis of 2601 - 2605 is - 1,940 yuan [2]. - Raw Material and Lithium Salt Data: The price of spodumene concentrate (6%, CIF China) is 1,067 yuan, and the price of lithium mica (2.0% - 2.5%) is 2,410 yuan. The price of battery - grade lithium carbonate is 92,050 yuan, and the price of industrial - grade lithium carbonate is 89,650 yuan [2]. 3.2 Macro and Industry News - The SMM battery - grade lithium carbonate index price is 92,462 yuan/ton, down 145 yuan/ton from the previous working day. The average price of battery - grade lithium carbonate is 92,050 yuan/ton, down 100 yuan/ton from the previous working day. The average price of industrial - grade lithium carbonate is 89,650 yuan/ton, down 100 yuan/ton from the previous working day [3]. - Tianqi Lithium's Chairman Jiang Anqi stated at the 2025 International Lithium Industry Conference that due to the rapid growth of renewable energy grid - connected demand and the electrification of commercial heavy - duty trucks, the demand for basic lithium materials in the energy storage and power battery sectors continues to rise. The global lithium demand in 2026 is expected to reach 2 million tons of lithium carbonate equivalent, basically achieving a supply - demand balance [4]. 3.3 Trend Intensity The trend intensity of lithium carbonate is 0, indicating a neutral trend. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [4].