碳酸锂：基本面新增驱动有限，高位宽幅震荡

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - This week, the price of lithium carbonate futures showed an upward trend, approaching the previous high. The 2601 contract closed at 95,920 yuan/ton, up 5,160 yuan/ton week-on-week, and the 2605 contract closed at 97,720 yuan/ton, up 5,560 yuan/ton week-on-week. The spot price rose 1,250 yuan/ton to 94,500 yuan/ton week-on-week [1]. - The supply side maintained stable growth, the demand side was basically flat compared with November, and the destocking continued but slowed down. The core factors currently driving the market trend are still the resumption progress of large factories and the demand situation in the first quarter. The game between long and short sides is fierce, and the market lacks a clear breakthrough direction in the short term [3]. - For the future market, the new driving force has not emerged, and the high-level shock will continue. The price of the futures main contract is expected to range from 90,000 to 100,000 yuan/ton. It is recommended to conduct 1 - 5 positive spreads for inter - period trading, and upstream enterprises are advised to lock in profits at high levels [3][4][6]. Summary According to Relevant Catalogs 1. Market Data - The report shows the price difference between lithium carbonate spot and futures, as well as the inter - period price difference of lithium carbonate futures through charts [8]. 2. Upstream Supply End of Lithium Salt - Lithium Ore - Overseas shipments decreased week - on - week. This week, the shipment volume of Australian ore decreased by 33,000 tons to 75,000 tons, and the circulating inventory of lithium ore in the market was still low. The shipment volume from Chile was 3,586 tons, lower than the annual average shipment level. The weekly output of lithium carbonate increased by 59 tons to 21,998 tons, with the main increase concentrated on the spodumene side [2]. 3. Mid - stream Consumption End of Lithium Salt - Lithium Salt Products - In terms of price, the report presents the price trends of battery - grade lithium carbonate in the East China region, domestic battery - grade lithium carbonate, etc. through multiple charts. In terms of production, it shows the monthly and weekly production, production by raw material, production by region, and production of battery - grade and industrial - grade lithium carbonate. In terms of inventory, it shows the monthly inventory, inventory of downstream and smelting plants, and in terms of trade, it shows the monthly import and export volume and import volume by country [16][24][26]. 4. Downstream Consumption End of Lithium Salt - Lithium Batteries and Materials - The report shows the monthly production and monthly start - up rate of lithium iron phosphate, ternary materials, and various types of ternary materials through charts. It also shows the import and export volume of ternary materials, the installed capacity of Chinese lithium batteries, and the production of various types of domestic power lithium batteries [33][35].