碳酸锂：关注宏观商品波动影响

Report Information - Report Date: March 19, 2026 [1] - Analysts: Shao Wanyi, Zhang Hang [2] - Analyst Qualification Numbers: Z0015722, Z0018008 [2] - Email: shaowanyi@gtht.com, zhanghang2@gtht.com [2] Industry Investment Rating - Not provided Core View - The report focuses on the impact of macro commodity fluctuations on lithium carbonate [1] Summary by Directory Fundamental Tracking - 2605 Contract: Closing price is 150,120, down 5,200 from T-1; trading volume is 205,889, down 32,450 from T-1; open interest is 307,422, down 1,420 from T-1 [3] - 2607 Contract: Closing price is 149,600, down 5,240 from T-1; trading volume is 24,174, up 4,489 from T-1; open interest is 98,650, down 989 from T-1 [3] - Warehouse Receipts: 35,769 lots, down 696 from T-1 [3] - Basis: Spot - 2605 is 5,380, up 2,700 from T-1; Spot - 2607 is 5,900, up 2,740 from T-1; 2605 - 2607 is 520, up 40 from T-1 [3] - Raw Materials: Lithium spodumene concentrate (6%, CIF China) is 2,157, down 28 from T-1; lithium mica (2.0% - 2.5%) is 4,800, down 160 from T-1 [3] - Lithium Salts: Battery - grade lithium carbonate is 155,500, down 2,500 from T-1; industrial - grade lithium carbonate is 152,500, down 2,000 from T-1 [3] - Consumption: Battery - grade lithium hydroxide (micropowder) is 154,500, down 2,000 from T-1; battery - grade lithium hydroxide (CIF) is 18,400, down 100 from T-1 [3] Macro and Industry News - Ningde Times' Jinchui Phase I project in Ningde, Fujian is planned to be delivered by the end of April 2026, with a total investment of about 2 billion yuan, covering an area of about 900 mu. In 2025, its production capacity reached 772GWh, and the under - construction capacity is 321GWh. Overseas layouts such as the Hungarian factory and the Indonesian battery industry chain are also advancing steadily [4][5] - Nandu Power signed an 117MWh energy storage project in the Northern Territory of Australia, which will provide diversified services for the local power grid [5] Trend Intensity - The trend intensity of lithium carbonate is - 1, indicating a weak bearish view [5]