碳酸锂：去库边际放缓，上方或承压

Report Summary 1. Report's Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - The destocking of lithium carbonate has slowed down marginally, and there may be upward pressure on prices [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Data: For the 2601 contract, the closing price was 92,260 yuan, with changes of -1,740 yuan compared to T - 5 and -6,720 yuan compared to T - 10; the trading volume was 101,978 lots, with significant decreases compared to previous periods; the open interest was 203,219 lots, also showing declines. For the 2605 contract, the closing price was 93,700 yuan, the trading volume was 663,458 lots, and the open interest was 560,629 lots, with different trends compared to previous periods [1]. - Warehouse Receipts: The warehouse receipt volume was 10,422 lots, with an increase of 770 lots compared to T - 1 but significant decreases compared to other previous periods [1]. - Basis: The basis of spot - 2601 was 1,740 yuan, and the basis of 2601 - 2605 was -1,440 yuan, with corresponding changes compared to previous periods [1]. - Raw Materials: The price of lithium spodumene concentrate (6%, CIF China) was 1,162 US dollars, and the price of lithium mica (2.0% - 2.5%) was 2,515 yuan, both with price changes compared to previous periods [1]. - Lithium Salts and Other Products: The prices of battery - grade lithium carbonate, industrial - grade lithium carbonate, and other products also showed different degrees of change compared to previous periods. For example, the price of battery - grade lithium carbonate was 94,000 yuan, a decrease of 350 yuan compared to the previous day [1]. 3.2 Macro and Industry News - Price Information: The SMM battery - grade lithium carbonate index price was 94,185 yuan/ton, a decrease of 534 yuan/ton compared to the previous working day. The average price of battery - grade lithium carbonate was 94,000 yuan/ton, and the average price of industrial - grade lithium carbonate was 91,550 yuan/ton, both decreased by 350 yuan/ton compared to the previous working day [2]. - Production and Inventory: The weekly production of lithium carbonate was 21,939 tons, an increase of 74 tons compared to the previous week. The industry inventory was 113,602 tons, with a destocking of 2,366 tons compared to the previous week [2]. - Project Financing: Vulcan Energy has obtained nearly 2.5 billion US dollars in financing for the construction of the largest lithium production project in Europe. The first - phase project of the German Lionheart lithium project has a target annual production capacity of 24,000 tons of lithium, and all the off - take contracts for the first ten years have been signed [4]. 3.3 Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral view, with the trend intensity ranging from - 2 (most bearish) to 2 (most bullish) [4].