碳酸锂：高位震荡，关注海外矿山复产进展

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The report focuses on the high - level oscillation of lithium carbonate and suggests paying attention to the resumption progress of overseas mines [1]. 3. Summary by Directory 3.1 Fundamental Tracking - Futures Data: For the 2601 contract, the closing price is 166,340 yuan, with a change of 3,540 yuan compared to T - 1. The trading volume is 60, and the open interest is 465. For the 2605 contract, the closing price is 161,940 yuan, with a change of - 5,040 yuan compared to T - 1. The trading volume is 589,019, and the open interest is 452,583 [1]. - Warehouse Receipts: The warehouse receipt volume is 27,158 hands, with an increase of 260 hands compared to T - 1 [1]. - Basis: The basis of spot - 2601 is - 3,340 yuan, and the basis of spot - 2605 is 1,060 yuan. The basis of 2601 - 2605 is 4,400 yuan [1]. - Raw Materials: The price of spodumene concentrate (6%, CIF China) is 2,100 yuan, with an increase of 10 yuan compared to T - 1. The price of lepidolite (2.0% - 2.5%) is 4,990 yuan, with an increase of 40 yuan compared to T - 1 [1]. - Lithium Salts: The price of battery - grade lithium carbonate is 163,000 yuan, with an increase of 3,500 yuan compared to T - 1. The price of industrial - grade lithium carbonate is 159,500 yuan, with an increase of 3,500 yuan compared to T - 1 [1]. - Related Products: The price of lithium iron phosphate (power type) is 56,590 yuan, with an increase of 925 yuan compared to T - 1. The price of ternary material 523 (polycrystalline/consumer type) is 192,350 yuan, with an increase of 1,400 yuan compared to T - 1 [1]. 3.2 Macro and Industry News - The SMM battery - grade lithium carbonate index price is 165,597 yuan/ton, up 4,622 yuan/ton compared to the previous working day. The average price of battery - grade lithium carbonate is 163,000 yuan/ton, up 3,500 yuan/ton compared to the previous working day. The average price of industrial - grade lithium carbonate is 159,500 yuan/ton, up 3,500 yuan/ton compared to the previous working day [2]. - Brazilian lithium producer Sigma Lithium will resume partial production at its Grota do Cirilo mine by the end of January, after a 3.5 - month shutdown. The company plans to increase production in Q1 and announce its 2026 production plan after achieving stable production [3]. 3.3 Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral view [3].