碳酸锂日评20251211：偏弱震荡-20251211

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The short - term fundamentals of lithium carbonate show strong supply and weak demand, and the lithium price is expected to fluctuate weakly under position limits. It is recommended to hold short positions [1] 3. Summary by Related Catalogs 3.1 Lithium Carbonate Futures Market - Price: On December 10, 2025, the closing price of the near - month contract was 93,640 yuan/ton, with an increase of 1,060 yuan compared to December 9; the trading volume of lithium carbonate futures was 620,935 hands, an increase of 108,720 hands; the open interest was 605,453 hands, an increase of 30,032 hands [1] - Spread: The spread between the near - month and the first - consecutive contract was - 440 yuan, the spread between the first - consecutive and the second - consecutive contract was - 80 yuan, and the spread between the second - consecutive and the third - consecutive contract was - 60 yuan [1] - Inventory: The registered inventory was 1,368 tons, an increase of 760 tons [1] 3.2 Lithium - Related Product Prices - Lithium Ore: The average price of lithium spodumene concentrate (6%, CIF China) was 1,178 US dollars/ton; the average price of lithium mica (Li2O: 1.5% - 2.0%) was 1,640 yuan/ton [1] - Lithium Compounds: The average price of battery - grade lithium carbonate (99.5% domestic) was 92,700 yuan/ton, a decrease of 50 yuan; the average price of battery - grade lithium hydroxide (56.5% CIF China, Japan and South Korea) was 10.2 US dollars/kg [1] - Other Products: The average price of lithium hexafluorophosphate (99.95% domestic) was 171,000 yuan/ton; the average price of ternary precursor 523 (polycrystalline/consumer type) was 106,050 yuan/ton [1] 3.3 Lithium Supply and Demand - Supply: Last week, the output of lithium carbonate increased, with a decrease in the output of salt - lake lithium carbonate and an increase in the output of lithium carbonate from other raw materials [1] - Demand: Last week, the output of lithium iron phosphate and ternary materials decreased; in December, the production scheduling of lithium iron phosphate and lithium manganate decreased; last week, the output of power batteries increased; in November, the month - on - month and year - on - year growth rates of new - energy vehicle production and sales slowed down; the 3C shipments weakened; the production scheduling growth of energy - storage batteries stagnated in December [1] 3.4 Lithium Inventory - The SMM lithium carbonate inventory: the inventory of smelters was 20,767 tons, the inventory of downstream was 41,984 tons, and the inventory of others was 49,140 tons. The total inventory decreased by 2,366 tons compared to the previous week [1] 3.5 Industry News - Standard Lithium and Equinor's joint - venture Smackover Lithium announced that its Arkansas Smackover project has attracted over $1.1 billion in financing intentions, covering 76% of the $1.45 billion construction cost of Phase I. The project uses uncommercialized direct lithium extraction (DLE) technology but faces challenges [1]