碳酸锂日评20251126：逢高活空-20251126

Report Industry Investment Rating - No investment rating for the industry is provided in the report [1] Core Viewpoint - The current supply and demand are both strong. The news of the resumption of lithium mines in Jiangxi is inconsistent, and the weekly production of lithium carbonate has reached a new high. The downstream market remains hesitant, but the spot market trading has picked up. The power demand is weakening, and the exchange is taking measures to cool down the market. It is expected that the lithium price will fluctuate weakly. The trading strategy is to short at high prices [1] Summary by Relevant Catalog Futures Market - On November 25, the main contract of lithium carbonate futures fluctuated upwards. The trading volume was 511,279 lots (+56,667), and the open interest was 343,199 lots (-21,879) [1] - The prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts all increased compared to the previous day. The price increases were 5,140 yuan/ton, 4,920 yuan/ton, 4,860 yuan/ton, and 4,860 yuan/ton respectively [1] Spot Market - The average price of SMM battery - grade lithium carbonate was 92,050 yuan/ton (-100), and the average price of industrial - grade lithium carbonate was 89,650 yuan/ton (-100) [1] - The average price of lithium spodumene concentrate (6%, CIF China) was 1,067 US dollars/ton (-4), and the mica prices remained flat [1] Supply and Demand - Supply side: Last week, the production of lithium carbonate increased, including the production from all raw materials. In November, the production of lithium carbonate increased, while the production of lithium hydroxide decreased [1] - Downstream demand: Last week, the production of lithium iron phosphate and ternary materials increased. In November, the production of energy - storage batteries increased. The production of power batteries decreased last week [1] - Terminal demand: In October, the year - on - year and month - on - month growth rates of new - energy vehicle production and sales slowed down, and the 3C product shipments weakened [1] Inventory - The registered warehouse receipts were 26,615 tons (+105), and the social inventory decreased. The inventories of smelters and downstream decreased, while other inventories increased [1] Industry News - Pioneer Lithium on the Australian Securities Exchange announced that as the global economy shows initial signs of stabilizing after a long - term slump, the company has initiated internal planning to restart the on - site operations of its Root Lake lithium mine project in Ontario, Canada [1]