碳酸锂：高位震荡，关注复产进展与情绪降温

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The report focuses on the high - level volatility of lithium carbonate, suggesting to pay attention to the resumption of production progress and the cooling of market sentiment. The trend strength of lithium carbonate is - 1, indicating a relatively bearish view [1][3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Data: For the 2601 contract, the closing price is 122,760 yuan, the trading volume is 30,388 lots, and the open interest is 38,001 lots. For the 2605 contract, the closing price is 124,720 yuan, the trading volume is 949,006 lots, and the open interest is 647,366 lots. The warehouse receipt volume is 17,101 lots [1]. - Basis Data: The basis between spot and 2601 contract is - 21,260 yuan, between spot and 2605 contract is - 23,220 yuan, between 2601 and 2605 contracts is - 1,960 yuan. The difference between electric - carbon and industrial - carbon is 2,650 yuan, and the difference between spot and CIF is 17,212 yuan [1]. - Raw Material Data: The price of lithium spodumene concentrate (6%, CIF China) is 1,434 yuan, and the price of lithium mica (2.0% - 2.5%) is 3,210 yuan [1]. - Lithium Salt Data: The price of battery - grade lithium carbonate is 101,500 yuan, industrial - grade lithium carbonate is 98,850 yuan, battery - grade lithium hydroxide (micronized powder) is 95,400 yuan, etc [1]. 3.2 Macro and Industry News - Price Information: The SMM battery - grade lithium carbonate index price is 101,284 yuan/ton, with a daily increase of 1,709 yuan/ton. The average price of battery - grade lithium carbonate is 101,500 yuan/ton, and that of industrial - grade lithium carbonate is 98,850 yuan/ton, both increasing by 2,000 yuan/ton compared to the previous working day [2]. - Exchange Policy: From December 26, 2025, the minimum opening order quantity for lithium carbonate futures contracts LC2601 - LC2612 will be adjusted from 1 lot to 5 lots, and the minimum closing order quantity will remain 1 lot. Non - futures company members or clients have daily opening limits for different contracts [3]. - Production News: The lithium mining project of Yichun Times New Energy Mining Co., Ltd. is expected to resume production around the Spring Festival [3].