资金与情绪推动，碳酸锂价格维持强势

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - On January 5, 2026, the lithium carbonate futures price was driven by funds and sentiment, with the main contract 2605 opening at 125,000 yuan/ton and closing at 129,980 yuan/ton, a 7.74% change from the previous settlement price. The price increase was due to new long - term funds entering the market, the overall strength of the non - ferrous metals sector, and technical factors, although it didn't break through the 130,000 yuan/ton mark. The news about Ningde Times' lithium mine tailings affected the bulls but its authenticity needs verification. The inventory depletion speed continued to slow down, and the market showed a divergence between futures and spot prices. The current futures price is mainly dominated by funds and sentiment, with over - speculation [1]. 3. Summary by Related Catalogs Market Analysis - Futures Market: On January 5, 2026, the lithium carbonate main contract 2605 opened at 125,000 yuan/ton and closed at 129,980 yuan/ton, up 7.74% from the previous settlement price. The trading volume was 343,623 lots, and the open interest increased from 490,194 lots to 515,292 lots. The basis was - 4,360 yuan/ton, and the number of warehouse receipts remained unchanged at 20,281 lots [1]. - Spot Market: According to SMM data, the price of battery - grade lithium carbonate was 117,000 - 122,000 yuan/ton, up 1,000 yuan/ton from the previous day, and the price of industrial - grade lithium carbonate was 115,000 - 119,000 yuan/ton, up 1,500 yuan/ton. The price of 6% lithium concentrate was 1,568 US dollars/ton, up 18 US dollars/ton [1]. - Driving Factors: The price increase was driven by new long - term funds entering the market, the overall strength of the non - ferrous metals sector, and technical factors. The news about Ningde Times' lithium mine tailings affected the bulls but its authenticity needs verification [1]. Inventory and Production - Inventory: The total spot inventory was 109,605 tons, a decrease of 168 tons. Among them, the smelter inventory decreased by 184 tons to 17,667 tons, the downstream inventory decreased by 894 tons to 38,998 tons, and other inventories increased by 910 tons to 52,940 tons. The de - stocking speed continued to slow down [2]. - Production: The weekly output reached 22,000 tons, a 1.2% increase from the previous week [2]. Strategy - Unilateral: Short - term range operation, pay attention to consumption and inventory inflection points, and choose the opportunity to sell and hedge at high prices [3]. - Options: None [3] - Inter - delivery Spread: None [4] - Cross - variety: None [4] - Futures - spot: None [4]