碳酸锂日报：碳酸锂震荡企稳-20251202

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The price of lithium carbonate is oscillating and stabilizing. The futures and spot prices have shown an upward trend in the past 10 trading days, the negative basis has strengthened, the registered warehouse receipts have increased, and new production capacity is continuously being released [4]. 3. Summary by Section 3.1 Industry Dynamics - Futures Market: The closing price of the main contract LC2605.GFE was 96,560 yuan/ton, down 380 yuan/ton (-0.39%) from the previous day, and up 1,160 yuan/ton compared to 5 trading days ago. The settlement price was 96,380 yuan/ton, down 880 yuan/ton from the previous day and up 3,160 yuan/ton compared to 5 trading days ago [4][6]. - Lithium Concentrate: The prices of lithium concentrate from different origins showed various changes. For example, the price of Australian CIF6 China lithium concentrate was 1,190 - 1,240 US dollars/ton, down 10 - 0 US dollars/ton from the previous day and up 80 - 90 US dollars/ton compared to 5 trading days ago [6]. - Lithium Mica: The prices of lithium mica with different Li2O contents all increased. For instance, the average price of lithium mica (Li2O: 1.5 - 2) in China was 1,680 yuan/ton, up 15 yuan/ton from the previous day and up 75 yuan/ton compared to 5 trading days ago [6]. - Lithium Carbonate and Lithium Hydroxide: The price of domestic lithium carbonate (99.5% electric) was 94,460 yuan/ton, up 70 yuan/ton from the previous day and up 2,500 yuan/ton compared to 5 trading days ago. The price of domestic lithium hydroxide (56.5%) was 82,620 yuan/ton, up 80 yuan/ton from the previous day and up 1,500 yuan/ton compared to 5 trading days ago [6]. - Downstream Products: The prices of some downstream products remained stable, while some increased slightly. For example, the price of electrolyte (lithium manganate) was 38,000 yuan/ton, up 2,000 yuan/ton compared to 5 trading days ago [6]. 3.2 Related Charts - Ore and Lithium Prices: The report presents charts of price changes for lithium mica, lithium carbonate futures, lithium hydroxide, lithium carbonate basis, and the spread between lithium hydroxide and lithium carbonate [8]. - Cathode & Ternary Materials: Charts show the price changes of manganese - acid lithium, lithium iron phosphate, ternary materials, cobalt - acid lithium, and ternary precursors [10][14]. - Other Related Data of Lithium Carbonate Futures: Charts display the changes in the trading volume, open interest, and registered warehouse receipts of lithium carbonate futures [16][18][20].