再次去库，碳酸锂呈宽幅震荡态势

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The price of lithium carbonate is expected to show a wide - range oscillation pattern with a risk of correction due to large long - short divergence, poor price transmission to the cell end, and the price remaining at a two - year high, despite strong downstream energy storage demand and a certain de - stocking state this week. Attention should be paid to whether downstream consumption can drive the value - chain transmission of lithium carbonate [3] 3. Summary by Related Catalogs Market Analysis - On January 15, 2026, the main contract 2605 of lithium carbonate opened at 163,840 yuan/ton and closed at 163,220 yuan/ton, with a - 1.31% change compared to the previous day's settlement price. The trading volume was 431,256 lots, and the open interest was 443,942 lots (452,583 lots the previous day). The current basis was - 3,980 yuan/ton, and the number of lithium carbonate warehouse receipts was 27,205 lots, a change of 47 lots from the previous day [1] - According to SMM data, the price of battery - grade lithium carbonate was 156,000 - 162,000 yuan/ton, a - 4,000 yuan/ton change from the previous day; the price of industrial - grade lithium carbonate was 152,000 - 159,000 yuan/ton, also a - 4,000 yuan/ton change. The price of 6% lithium concentrate was 2,155 US dollars/ton, a - 45 US dollars/ton change. Due to regulatory policies and high prices, the price of lithium carbonate has been in a callback state, but there was a certain rebound at the end of yesterday's trading due to de - stocking. The current spot inventory is 109,942 tons, a - 263 - ton change from the previous week. Among them, smelter inventory was 19,727 tons (+1,345 tons), downstream inventory was 35,652 tons (- 888 tons), and other inventory was 54,300 tons (- 720 tons) [2] Strategy - Given the large long - short divergence, strong downstream energy storage demand, and a certain de - stocking state this week, but poor price transmission to the cell end and the price remaining at a two - year high, the price of lithium carbonate is expected to show a wide - range oscillation pattern with a risk of correction. Attention should be paid to whether downstream consumption can drive the value - chain transmission of lithium carbonate [3] Trading Recommendations - For unilateral trading, it is recommended to wait and see in the short term. There are no recommendations for inter - delivery spread, cross - variety, spot - futures, and options trading [5]