二 〇 二 四 年 度 2025 年 5 月 18 日 碳酸锂：企业发布复产研究公告，成本腰斩， 偏弱运行 邵婉嫕 投资咨询从业资格号：Z0015722 shaowanyi020696@gtjas.com 套保：卖出套保 30%。 报告导读： 本周价格走势：破新低 碳酸锂 LC2507 合约回落，期间减仓企稳，尔后加仓下跌。2507 合约收于 61800 元/吨，周环比下跌 1220 元/吨，2509 合约收于 63200 元/吨，周环比下跌 1100 元/吨，现货周环比下跌 750 元/吨为 64500 元/吨。SMM 期现基差（2505 合约）走强 470 元/吨至 2700 元/吨，富宝贸易商升贴水报价+530 元/吨， 周环比走强 20 元/吨。2507-2509 合约价差-1400 元/吨，环比-120 元/吨。 供需基本面：企业发布复产研究公告，成本腰斩 供应：锂矿价格下跌斜率进一步陡峭，带来锂盐成本支撑回落。根据澳大利亚前期停产矿山 Finniss 的复产公告，其指出该矿山单位运营成本已优化至 690–785 澳元/吨（FOB），折算为 444-504 美元/吨 （停产前成本在 1100 美元/ ...

1. Report Industry Investment Ratings - **Bullish**: Alumina, Aluminium, Tin, PTA, Short - fiber [1] - **Bearish**: Zinc, Manganese Ore, Coke, Coking Coal, Natural Rubber Latex From New Zealand, Crude Oil [1] - **Oscillating**: Equity Index, Gold, Copper, Nickel, Stainless Steel, Silicon Iron, Rebar, Hot - Rolled Coil, Iron Ore, Printing, Soda Ash, Palm Oil, Soybean Oil, Cotton, Bean Meal, Pulp, Fuel Oil, Bitumen, BR Rubber, Methanol, PE, PP, PVC, Caustic Soda [1] 2. Core Views of the Report - The results of the Sino - US trade talks exceeded market expectations, which improved market risk appetite and had a positive impact on multiple varieties, but short - term operations still need to be cautious [1]. - The weak economy and asset shortage are beneficial to bond futures, but the central bank's short - term interest rate risk warning restricts the upward space [1]. - The long - term upward logic of gold remains unchanged, while silver may be more resilient in the short term due to potential tariff impacts [1]. 3. Summary by Industry Macro - finance - **Equity Index**: Yesterday, large - cap stocks led the rise. Observe whether small and medium - cap stocks can achieve resonance and make up for the rise. In a structural market, long - position investors should be cautious [1]. - **Treasury Bonds**: Asset shortage and weak economy are beneficial to bond futures, but the central bank's short - term interest rate risk warning restricts the upward space [1]. - **Gold**: The short - term gold price may enter a consolidation phase, but the long - term upward logic remains unchanged [1]. - **Silver**: Generally follows gold. Unexpected tariff results will benefit the commodity attribute of silver, so the short - term silver price may be more resilient than gold [1]. Non - ferrous Metals - **Copper**: The joint statement of the Sino - US trade negotiations exceeded market expectations, which is positive for copper prices. However, the copper price has rebounded significantly recently, so be cautious about chasing high in the short term [1]. - **Aluminium and Alumina**: Aluminium prices continue to rebound. Alumina supply has increased, the supply - demand pattern has improved, and the short - term price may further rebound [1]. - **Zinc**: Terminal demand has weakened significantly in the off - season, and the inflow of imported goods has weakened the fundamentals. Pay attention to short - selling opportunities [1]. - **Nickel and Stainless Steel**: The US inflation cooled more than expected, and the Sino - US talks results exceeded expectations. The Indonesian resource tax policy has been implemented, and there are rumors of a mining ban in the Philippines. Nickel prices will oscillate in the short term, and there is still pressure from long - term excess of primary nickel. Stainless steel futures will oscillate and rebound in the short term, but there is still supply pressure in the long term [1]. - **Tin**: With the improvement of macro - sentiment, tin prices are expected to rebound. Continuously pay attention to the resumption of production in low - grade mines [1]. - **Industrial Silicon**: Supply is strengthening, demand is weakening, it has entered a low - valuation range, and the demand and inventory pressure have not been alleviated [1]. - **Polycrystalline Silicon**: The number of registered warehouse receipts is extremely small, and the willingness to register warehouse receipts is low due to the futures discounting the spot [1]. - **Lithium Carbonate**: Supply has not further shrunk, inventory has continued to accumulate, and downstream buyers still maintain rigid demand purchases [1]. Ferrous Metals - **Rebar and Hot - Rolled Coil**: They are in the window period of switching from the peak season to the off - season. The cost is loose, the supply - demand pattern is loose, and the driving force for price rebound is insufficient [1]. - **Iron Ore**: There is an expectation that pig iron production will peak, and pay attention to the pressure on steel products [1]. - **Manganese Ore**: There is still an expectation of decline due to the expected excess of manganese ore, and the pressure of warehouse receipts is heavy [1]. - **Silicon Iron**: The cost is dragged down by thermal coal, but the production reduction in the production area is large, and the supply - demand has become tight [1]. - **Printing**: The supply - demand is weak, and with the arrival of the rainy season, there are concerns about weakening demand, and the price will continue to be weak [1]. - **Soda Ash**: There are many maintenance operations in May, and the direct demand is okay, but there is excess supply in the medium term, and the price is under pressure [1]. - **Coking Coal and Coke**: The supply - demand is relatively excessive, and they are short - allocated in the sector. Consider participating in the JM9 - 1 positive spread [1]. Agricultural Products - **Palm Oil and Soybean Oil**: The rise of crude oil and US biodiesel news drove the rise of palm oil. The Sino - US talks may drag down the soybean - palm oil price spread. After the crude oil price falls, consider short - selling palm oil. The Sino - US talks are expected to be negative for soybean oil in terms of sentiment, and it is recommended to wait and see for single - side operations [1]. - **Rapeseed Oil**: The northern rapeseed - producing areas in Europe are still dry, which is not conducive to the formation of rapeseed yield per unit. The Sino - Canadian relationship is still uncertain. If Canada cancels the additional tariffs on China, it may lead to a large decline. Consider buying volatility [1]. - **Cotton**: In the short term, there are disturbances such as trade negotiations and weather premiums for US cotton. In the long term, macro - uncertainty is still strong. The domestic cotton textile industry has entered the off - season, and downstream inventories are starting to accumulate. It is expected that the domestic cotton price will maintain a weak oscillating trend [1]. - **Sugar**: Brazil's 2025/26 sugar production is expected to reach a record high. If crude oil continues to be weak, it may affect the sugar - making ratio and lead to higher - than - expected sugar production [1]. - **Corn**: The spot price increase has slowed down, and the import corn auction has a negative impact on sentiment. The port inventory has decreased but is still at a high level. It is recommended to buy on dips and pay attention to the CO7 - C01 positive spread [1]. - **Bean Meal**: There is no driving force for speculation in US soybean planting. The domestic market is still digesting the pressure of spot and Brazilian selling, and the futures price is expected to oscillate [1]. - **Pulp**: After the positive impact of the Sino - US trade negotiations on pulp futures is realized, the fundamentals still lack upward momentum, and it is expected to oscillate [1]. - **Natural Rubber Latex From New Zealand**: The shipping volume from New Zealand has decreased, the terminal demand is still weak, and the overall bearish pattern remains unchanged. It is recommended to short after a rebound [1]. - **Live Pigs**: The pig inventory is continuously recovering, the slaughter weight is increasing, and the breeding profit is generally good. The futures price is at a large discount to the spot price. Pay attention to the pace of future production capacity release and wait for spot price guidance [1]. Energy and Chemicals - **Crude Oil, Fuel Oil**: The results of the Sino - US trade negotiations exceeded market expectations, reducing concerns about weakening demand. There is a demand for rebound and repair after the previous sharp decline [1]. - **Bitumen**: The cost is dragging down, the inventory accumulation slope has decreased, and the demand is slowly recovering [1]. - **BR Rubber**: The tariff negotiation is beneficial, and the cost is strongly supported. It will be strong in the short term, but there is a risk of price decline in the long term due to loose fundamentals and weak demand [1]. - **PTA**: The PX device is under intensive maintenance, the procurement demand for PX has increased, and the high load of polyester has supported the demand for PTA [1]. - **Ethylene Glycol**: The ethylene glycol device is under maintenance, large - scale devices in Jiangsu and Zhejiang have reduced their loads, the basis has dropped rapidly, and market sentiment has subsided [1]. - **Short - fiber**: The slightly tight situation of PTA strengthens the cost support for short - fiber, and short - fiber performs strongly under the high - basis situation [1]. - **Styrene**: The improvement of Sino - US tariff policies has stimulated market speculative demand, the pure benzene price has gradually strengthened, and the downstream demand for styrene is expected to pick up [1]. - **Urea**: There are still positive expectations in the market, the downstream follow - up is okay, and the market negotiation focus has risen. However, due to price stability policies, the upward price space is limited [1]. - **Methanol**: The basis is strengthening, and the short - term price will oscillate strongly. The medium - long - term spot market may change from strong to weak oscillation [1]. - **PE, PP, PVC**: Macro - factors are positive, and they will oscillate strongly. PVC has a weak fundamental but may rebound in the short term [1]. - **Caustic Soda**: The spot demand is weak, and the driving force for price increase is insufficient, but the macro - positive factors support the futures price, which will oscillate [1]. - **Propane and Butane**: The CP has decreased, the MB has increased, and the regional price difference of propane has narrowed. Butane is in the seasonal off - season [1].

Core Viewpoint - The lithium carbonate market is experiencing fluctuations in prices and demand, with a notable increase in export volumes of electric vehicles from China, particularly in the new energy vehicle sector [1] Market Dynamics - The main contract for lithium carbonate opened at 63,860 CNY/ton and closed at 65,200 CNY/ton, reflecting a 3.0% increase from the previous settlement price [1] - Trading volume reached 377,525 lots, while open interest decreased by 17,270 lots to 276,956 lots [1] - Total open interest across all contracts was 465,422 lots, down by 3,011 lots from the previous day [1] - The total trading volume increased by 198,389 lots compared to the previous day, with a speculative ratio of 1.02 [1] Pricing Information - Current spot prices for battery-grade lithium carbonate range from 63,600 to 65,800 CNY/ton, up by 100 CNY/ton from the previous day [1] - Industrial-grade lithium carbonate is priced between 62,550 and 63,550 CNY/ton, also reflecting a 100 CNY/ton increase [1] - The futures market shows a premium of 500 CNY/ton for electric lithium carbonate [1] Demand and Supply Insights - Downstream enterprises exhibit low purchasing willingness, primarily relying on customer supply and long-term contracts to meet demand [1] - Upstream lithium salt manufacturers are strongly inclined to maintain prices, with transactions occurring mainly between traders and downstream companies [1] Export Trends - In April, China's automobile export volume reached 424,000 units, a month-on-month increase of 8.3% and a year-on-year increase of 1.4% [1] - New energy vehicle exports totaled 186,000 units, marking a significant month-on-month increase of 32.6% and a year-on-year increase of 64.5% [1] - Pure electric vehicle exports reached 120,000 units, with a month-on-month increase of 39.3% and a year-on-year increase of 35.3% [1] - Plug-in hybrid vehicle exports amounted to 62,000 units, reflecting a month-on-month increase of 19.9% and a year-on-year increase of 153.9% [1] Strategic Outlook - Short-term macroeconomic improvements are expected to drive a rebound in the market, suggesting a range trading strategy with a recommendation for upstream entities to sell high for hedging [1]