碳酸锂日评：逢高沽空-20251127

Report Overall Summary - The report is a daily review of lithium carbonate futures on November 26, 2025, analyzing market trends, fundamentals, and providing trading strategies [1] Report Industry Investment Rating - Not provided Report Core View - The current supply and demand are weak. With news of Jiangxi lithium mine restart being inconsistent, lithium ore prices and production reaching new highs, strong downstream wait - and - see sentiment, light spot market transactions, weak power demand, and the exchange taking measures to cool the market, lithium prices are expected to fluctuate weakly [1] Market Data Summary Futures Price - The closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures decreased compared to the previous day, with declines of 1,080 yuan/ton, 900 yuan/ton, 940 yuan/ton, and 940 yuan/ton respectively [1] Trading Volume and Open Interest - The trading volume of lithium carbonate futures was 810,231 lots (+198,952), and the open interest of the active contract was 478,054 lots (+134,855) [1] Inventory - The inventory was 27,050 tons (+435), and the SMM total lithium carbonate inventory decreased by 2,052 tons compared to last week [1] Price Spreads - The spreads between different contracts and the basis showed various changes, such as the near - month - consecutive - one spread decreasing by 180 yuan/ton [1] Spot Prices - The average prices of various lithium - related products such as lithium carbonate, lithium hydroxide, and lithium phosphate showed different degrees of increase or stability compared to the previous day [1] Industry News - The UK will include critical mineral reserves in its defense procurement plan, aiming to meet 10% of domestic demand through domestic mining and 20% through recycling by 2035, with a £50 million fund. Two London - based companies plan to build a lithium refinery in northern England, and the project is close to the final stage [1] Supply and Demand Fundamentals Supply - Last week, the production of lithium carbonate increased, and the production of lithium carbonate from various raw materials also rose [1] Demand - Last week, the production of lithium iron phosphate and ternary materials increased. In November, the production of lithium aluminate increased, while the production of lithium manganate decreased. Last week, the production of power batteries decreased. In October, the year - on - year and month - on - month growth rates of new energy vehicle production and sales slowed down, 3C shipments weakened, and the production of energy - storage batteries increased in November [1] Trading Strategy - Short at high prices [1]