Report Industry Investment Rating - Not provided in the report Core Viewpoint - On December 11, the main contract of lithium carbonate futures fluctuated upward. The short - term fundamentals show strong supply and weak demand, and it is expected that there is limited upside space for lithium prices. Suggest to hold short positions cautiously and set stop - losses [1] Summary by Relevant Catalogs Futures Data - On December 11, 2025, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures were 95,600 yuan/ton, 96,980 yuan/ton, 97,240 yuan/ton, and 97,240 yuan/ton respectively, with increases of 1,960 yuan/ton, 2,900 yuan/ton, 2,840 yuan/ton, and 2,840 yuan/ton compared to the previous day. The trading volume was 744,190 lots (+123,255), and the open interest of the active contract was 634,283 lots (+28,830). The inventory was 14,750 tons (+1,070) [1] Spot Price - On December 11, 2025, the average price of battery - grade lithium carbonate (99.5%/domestic) was 93,500 yuan/ton (+800), and the average price of industrial - grade lithium carbonate (99.2%/domestic) was 91,000 yuan/ton (+750). The prices of other lithium - related products also had corresponding changes [1] Supply and Demand - Supply: Last week, lithium carbonate production increased, with increased production of spodumene and recycled lithium, and decreased production of lithium carbonate from salt lakes and lithium mica. - Demand: Last week, the production of ammonium phosphate decreased, and the production of ternary materials decreased. In December, the production of lithium cobalt oxide and lithium manganate decreased. In November, the month - on - month and year - on - year growth rates of new energy vehicle production and sales slowed down; 3C shipments were weak; in December, the production schedule of energy - storage batteries stagnated [1] Inventory - Registered warehouse receipts were 14,750 tons (+1,070). Social inventory decreased, with inventory reduction in smelters and downstream, and inventory accumulation in other sectors [1] Industry News - American company Albemarle announced that the direct lithium extraction (DIE) pilot plant in Chile has completed verification. The lithium recovery rate exceeded 94% during stable operation, and the water reuse rate was as high as 85% during the verification phase. The company funded $30 million for the pilot plant and an additional $216 million for the salt recovery plant in the Atacama Salt Flat [1] - On December 10, the integrated mining, beneficiation, and smelting project of Xiangyuan lithium polymetallic ore of Zijin Mining was put into operation in Daoxian, Hunan. The project has a total investment of about 13 billion yuan, with a registered ore volume of about 1.96 billion tons and 670,000 tons of lithium oxide [1]
碳酸锂日评：上涨支撑不足-20251212
Hong Yuan Qi Huo·2025-12-12 02:04