瑞达期货碳酸锂产业日报-20251201

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The lithium carbonate market shows a situation of increasing supply and demand, with continuous inventory reduction. The options market sentiment is bullish, and the implied volatility slightly decreases. The technical indicator shows that the 60 - minute MACD has double - lines above the 0 - axis with the initial appearance of green columns. It is recommended to conduct light - position oscillating trading and control risks by paying attention to trading rhythm [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 96,940 yuan/ton, up 520 yuan; the net position of the top 20 is - 171,173 hands, up 6,764 hands; the position of the main contract is 543,633 hands, up 16,635 hands; the spread between near - and far - month contracts is - 560 yuan/ton, down 320 yuan; the Guangzhou Futures Exchange warehouse receipt is 8,222 hands/ton, up 2,781 hands [2] 3.2 Spot Market - The average price of battery - grade lithium carbonate is 94,350 yuan/ton, up 600 yuan; the average price of industrial - grade lithium carbonate is 91,900 yuan/ton, up 600 yuan; the basis of the Li₂CO₃ main contract is - 2,590 yuan/ton, up 80 yuan [2] 3.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 1,230 US dollars/ton, up 10 US dollars; the average price of amblygonite is 10,525 yuan/ton, unchanged; the price of lepidolite (2 - 2.5%) is 3,894 yuan/ton, unchanged [2] 3.4 Industry Situation - The monthly output of lithium carbonate is 51,530 tons, up 4,390 tons; the monthly import volume is 23,880.69 tons, up 4,283.79 tons; the monthly export volume is 245.91 tons, up 95.10 tons; the monthly operating rate of lithium carbonate enterprises is 47%, unchanged; the monthly output of power batteries is 170,600 MWh, up 19,400 MWh; the price of lithium manganate is 36,000 yuan/ton, unchanged; the price of lithium hexafluorophosphate is 180,000 yuan/ton, unchanged; the price of lithium cobalt oxide is 343,500 yuan/ton, unchanged; the price of ternary material (811 type): China is 166,000 yuan/ton, unchanged; the price of ternary material (622 power type): China is 146,500 yuan/ton, unchanged [2] 3.5 Downstream and Application Situation - The price of ternary material (523 single - crystal type): China is 157,500 yuan/ton, unchanged; the monthly operating rate of ternary cathode materials is 52%, down 1%; the price of lithium iron phosphate is 39,100 yuan/ton, unchanged; the monthly operating rate of lithium iron phosphate cathodes is 64%, up 5%; the monthly output of new energy vehicles (CAAM) is 1,772,000 vehicles, up 155,000 vehicles; the monthly sales volume of new energy vehicles (CAAM) is 1,715,000 vehicles, up 111,000 vehicles; the cumulative sales penetration rate of new energy vehicles (CAAM) is 46.75%, up 0.66%; the cumulative sales volume of new energy vehicles and year - on - year increase is 12,943,000 vehicles, up 3,193,000 vehicles; the monthly export volume of new energy vehicles is 256,000 vehicles, up 34,000 vehicles; the cumulative export volume of new energy vehicles and year - on - year increase is 2,014,000 vehicles, up 956,000 vehicles; the 20 - day average volatility of the underlying is 59.51%, down 0.1%; the 40 - day average volatility of the underlying is 45.26%, down 0.36% [2] 3.6 Option Situation - The total call position is 279,793 contracts, up 4,316 contracts; the total put position is 276,207 contracts, up 19,248 contracts; the put - call ratio of total positions is 98.72%, up 5.4405%; the at - the - money IV implied volatility is 0.36%, down 0.0047% [2] 3.7 Industry News - The Ministry of Industry and Information Technology organized a symposium on power and energy - storage battery manufacturing enterprises, aiming to promote high - quality development of the industry [2] - The deputy secretary - general of the China Association of Automobile Manufacturers predicted that China's annual automobile sales will exceed 34 million vehicles, with new energy vehicle sales expected to reach 16 million vehicles and automobile exports expected to exceed 6.8 million vehicles [2] - Russian President Putin said that Chinese electric vehicles are more competitive than European ones [2] - China's manufacturing PMI in November was 49.2%, up 0.2 percentage points from the previous month; non - manufacturing PMI was 49.5%, down 0.6 percentage points; the composite PMI output index was 49.7%, down 0.3 percentage points [2]