Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The current inventory of lithium carbonate is continuously decreasing, and consumption has certain support. The resumption of production at the mine end is in progress, and it is expected to gradually resume production in the future. Attention should be paid to the inflection points of consumption and inventory. If consumption weakens and the mine end resumes production, the inventory may change from destocking to inventory accumulation, and the market may decline at that time [4]. 3. Summary by Relevant Catalogs Market Analysis - On November 13, 2025, the main contract 2601 of lithium carbonate opened at 86,500 yuan/ton and closed at 87,840 yuan/ton, with a change of 1.39% compared to the previous day's settlement price. The trading volume was 1,106,011 lots, and the open interest was 536,514 lots. The previous day's open interest was 528,966 lots. The current basis was -3,370 yuan/ton. The lithium carbonate warehouse receipts were 27,508 lots, a change of -779 lots compared to the previous trading day [1]. - According to SMM data, the price of battery - grade lithium carbonate was 82,100 - 86,600 yuan/ton, a change of 1,050 yuan/ton compared to the previous trading day. The price of industrial - grade lithium carbonate was 81,500 - 82,500 yuan/ton, a change of 900 yuan/ton compared to the previous trading day. The price of 6% lithium concentrate was 1,050 US dollars/ton, a change of 30 US dollars/ton compared to the previous day [2]. - The overall operating rate of lithium salt plants remains high, with the operating rates of both the spodumene end and the salt lake end maintained above 60%. It is expected that the domestic lithium carbonate production in November can maintain the production level of October, with a roughly flat month - on - month change [2]. - In the demand aspect, both commercial and passenger new - energy vehicles in the power market are growing rapidly, and the energy storage market has strong supply and demand, with supply remaining tight [2]. - As of November 13, 17 mainstream automobile brands have launched a purchase tax support plan [2]. - According to the latest weekly data, the weekly production increased by 11 tons to 21,545 tons. The total inventory decreased by 3,481 tons to 120,472 tons. The consumption end has strong support recently [3]. Strategy - Unilateral: Mainly adopt a wait - and - see attitude in the short term. Pay attention to the inflection points of inventory and consumption and the resumption of production at the mine end, and choose the opportunity to sell hedging at high prices [4]. - Option: Sell out - of - the - money call options [5].

1. Report Industry Investment Rating - There is no information provided regarding the industry investment rating in the report. 2. Core Viewpoints of the Report - The supply - demand imbalance in the lithium carbonate market persists, with supply outstripping demand due to capacity mismatches, making it difficult to reverse the downward trend [13]. - The lithium carbonate 2601 contract is expected to fluctuate in the range of 86,540 - 89,140 yuan/ton [10]. 3. Summary by Relevant Catalogs 3.1 Daily Views - Supply: Last week, lithium carbonate production was 21,545 tons, a 0.05% week - on - week increase, higher than the historical average [8]. - Demand: The inventory of sample enterprises of lithium iron phosphate and ternary materials increased last week, with the former rising 0.70% to 105,719 tons and the latter 3.51% to 19,553 tons [8]. - Cost: The cost of purchased lithium spodumene concentrate and lithium mica increased, resulting in losses in production. The cost of the salt - lake end is significantly lower than that of the ore end, with sufficient profit margins and strong production motivation [9]. - Fundamentals: Neutral; Basis: On November 13, the spot price of battery - grade lithium carbonate was 84,350 yuan/ton, with a 01 - contract basis of - 3,490 yuan/ton, indicating a spot discount to futures, which is bearish; Inventory: The overall inventory decreased by 2.80% to 120,472 tons, with the smelter inventory decreasing by 7.96% to 28,270 tons and the downstream inventory decreasing by 6.22% to 48,772 tons, which is neutral [9]. - Market Outlook: Bullish factors include manufacturers' production reduction plans, a decline in lithium carbonate imports from Chile, and a decrease in lithium spodumene imports; bearish factors are the continuous high supply at the ore/salt - lake end with limited decline and weak acceptance willingness at the power battery end [11][12]. 3.2 Market Overview - The prices of most lithium - related products increased. For example, the price of 6% lithium spodumene increased by 1.73% to 1,001 US dollars/ton, and the price of battery - grade lithium carbonate increased by 1.26% to 84,350 yuan/ton [15]. 3.3 Supply - Side Data - Lithium Ore: The price of lithium ore increased, and the production of lithium spodumene and lithium mica showed different trends. The monthly import volume of lithium concentrate increased by 10.61% to 571,500 tons, and the import volume from Australia increased significantly [17]. - Lithium Carbonate: The weekly and monthly production of lithium carbonate increased, with the monthly production reaching 92,260 tons, a 5.73% increase. The weekly production of lithium carbonate from different sources (lithium spodumene, lithium mica, salt - lake, and recycled materials) showed different trends [17]. - Lithium Hydroxide: The monthly production of lithium hydroxide increased to 29,220 tons, a 6.37% increase. The monthly net export volume also increased by 13.60% to 5,053.18 tons [17]. 3.4 Demand - Side Data - Lithium Battery: The monthly production, shipment, and installation volume of lithium batteries increased. For example, the monthly production of power batteries increased by 21.60% to 76,000 GWh, and the installation volume of lithium iron phosphate batteries and ternary batteries also increased [17]. - Ternary Precursor: The monthly production of ternary precursors increased, and the price showed different trends. The 523 - type and 622 - type products had price increases [59]. - Ternary Material: The price of ternary materials increased, and the weekly and monthly production and inventory showed different trends [65]. - Lithium Iron Phosphate: The price of lithium iron phosphate and lithium iron phosphate increased, and the monthly production and export volume also increased [69]. - New Energy Vehicles: The production and sales volume of new energy vehicles increased, with the production volume reaching 1,772,000 vehicles, a 9.59% increase, and the sales volume reaching 1.604 million vehicles, a 14.98% increase [17]. 3.5 Inventory Data - Lithium Carbonate: The overall inventory decreased, with the smelter inventory decreasing and the downstream inventory also decreasing [9]. - Lithium Hydroxide: The monthly inventory of lithium hydroxide showed different trends for different sources [50]. - Ternary Precursor: The monthly inventory of ternary precursors showed different trends [59]. - Ternary Material: The weekly inventory of ternary materials showed different trends [67]. - Lithium Iron Phosphate: The weekly inventory of lithium iron phosphate showed different trends [74].

（文章来源：每日经济新闻） 每经AI快讯，11月13日，碳酸锂期货主力合约日内涨2%，现报88400元/吨。 ...

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The current futures market shows high - level volatility, with continuous inventory reduction and good support from the consumer side. However, after the price increase, spot trading has weakened, and the downstream's acceptance of high prices is relatively limited. The resumption of production at the mine end is in progress, and it is expected to gradually resume production. Attention should be paid to the inflection points of consumption and inventory. If consumption weakens and the mine resumes production, the inventory may change from destocking to stockpiling, and the futures market may decline [5]. 3. Summary by Directory Market Analysis - On November 11, 2025, the main contract 2601 of lithium carbonate opened at 87,700 yuan/ton and closed at 86,540 yuan/ton, with a 1.38% change from the previous day's settlement price. The trading volume was 902,490 lots, and the open interest was 526,493 lots, a decrease from the previous trading day. The current basis is - 4,800 yuan/ton, and the number of lithium carbonate warehouse receipts was 2,8099 lots, a change of 608 lots from the previous day [2]. - According to SMM data, the price of battery - grade lithium carbonate is 80,600 - 84,000 yuan/ton, with a change of 1,550 yuan/ton from the previous trading day. The price of industrial - grade lithium carbonate is 79,600 - 80,600 yuan/ton, also with a change of 1,550 yuan/ton. The price of 6% lithium concentrate is 1,013 US dollars/ton, a change of 18 US dollars/ton from the previous day. The downstream material factories are cautiously waiting and only making rigid - demand purchases, and the market transactions are mainly based on post - pricing. The overall operating rate of lithium salt plants remains high, and it is expected that the domestic lithium carbonate production in November will be roughly the same as that in October. The power market and the energy storage market are both growing [3]. - Ganfeng Lithium announced that the PPGS lithium salt lake project in Argentina has obtained the "Environmental Impact Assessment Report", and it plans to submit an application to the Argentine government in the first half of 2026. The project has about 15.07 million tons of LCE proven + controlled resources and uses direct lithium extraction technology and solar evaporation pond technology [4]. Strategy - Unilateral: In the short term, it is advisable to wait and see. Pay attention to the inflection points of inventory and consumption and the resumption of production at the mine end, and choose the opportunity to sell hedging at high prices. - There are no suggestions for inter - period, cross - variety, spot - futures, and options trading [5].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The bullish trend in the lithium carbonate market is clear, but considering the recent rapid price increase, it is necessary to be vigilant against the resistance at the 90,000 yuan/ton mark and guard against potential subsequent correction risks [5]. - The core contradiction lies in the supply - demand mismatch. The arrival of more lithium concentrate at ports this month can ease the tight situation at the lithium ore end. The release of salt lake production capacity will continuously supplement the supply of the lithium salt market, and the "resumption speed of Jianxiaowo" is a key variable. The demand is currently strong, with the prices of core battery materials rising, and the downstream production schedule in November remaining highly prosperous [3]. Summary by Directory 1. Futures Data - **Price Range Forecast**: The strong support level of the lithium carbonate LC2601 contract is 73,000 yuan/ton, with a current 20 - day rolling volatility of 35.2% and a 3 - year historical percentile of 59.0% [2]. - **Futures Contract Data**: For the lithium carbonate futures, the closing price, trading volume, and open interest of the main contract and weighted contract have different daily and weekly changes. For example, the closing price of the main contract is 86,540 yuan/ton, with a daily decrease of 700 yuan (-0.80%) and a weekly increase of 7,980 yuan (10.16%) [8]. - **Spread Data**: The spreads between different contracts such as LC2601 - LC2603, LC2601 - LC2605, and LC2603 - LC2605 also show daily and weekly changes [8]. - **Warehouse Receipt Data**: The Guangzhou Futures Exchange's lithium carbonate warehouse receipts are 28,099 lots, with a daily increase of 608 lots (2.21%) and a weekly increase of 1,609 lots (6.07%) [8]. 2. Spot Data - **Lithium Ore Quotations**: The average daily prices of various lithium ores such as lithium mica, lithium spodumene, and phospho - lithium - aluminite have daily and weekly increases. For example, the latest average price of lithium mica (Li2O: 2 - 2.5%) is 2,220 yuan/ton, with a daily increase of 40 yuan (1.83%) and a weekly increase of 105 yuan (4.96%) [24]. - **Carbonate/Hydroxide Lithium Prices**: The prices of industrial - grade and battery - grade lithium carbonate, as well as different grades of lithium hydroxide, have daily and weekly changes. For example, the latest average price of industrial - grade lithium carbonate is 80,100 yuan/ton, with a daily increase of 1,550 yuan (1.97%) and a weekly increase of 1,400 yuan (1.78%) [27]. - **Lithium Industry Chain Spot Spreads**: The spreads such as the difference between battery - grade and industrial - grade lithium carbonate, the difference between battery - grade lithium carbonate and lithium hydroxide, and the difference between CIF prices in Japan and South Korea and domestic prices of battery - grade lithium hydroxide also show changes [31]. - **Downstream Product Prices**: The prices of downstream products such as phosphoric (manganese) iron lithium, ternary materials, and electrolytes have different daily price changes [32][33]. 3. Basis and Warehouse Receipt Data - **Basis Data**: The basis of the main continuous contract of lithium carbonate and the basis quotations of different brands show different values and changes [35][37]. - **Warehouse Receipt Data**: The total number of lithium carbonate warehouse receipts is 28,099 lots, with an increase of 608 lots compared to yesterday. Different warehouses have different changes in warehouse receipt quantities [40]. 4. Cost and Profit - **Production Profit**: The production profit of lithium carbonate from外购 lithium ore (including lithium spodumene concentrate and lithium mica concentrate), import profit, and theoretical delivery profit are presented in the form of time - series charts [42][44]. Lithium - Battery Enterprise Risk Management Strategy Recommendations - **Procurement Management**: For enterprises worried about cost increases, strategies include buying far - month futures contracts (40% recommended hedging ratio), selling LC2601 - P - 73000 (20% recommended hedging ratio), and using option combination strategies (20% recommended hedging ratio). For those worried about inventory impairment after procurement, strategies include selling the main futures contract (20% recommended hedging ratio) and using combination option strategies (10% recommended hedging ratio) [2]. - **Sales Management**: For enterprises worried about profit reduction due to price drops during sales, strategies include selling corresponding futures contracts (20% recommended hedging ratio), selling LC2601 - C - 90000 (10% recommended hedging ratio), and using combination option strategies (10% recommended hedging ratio) [2]. - **Inventory Management**: For enterprises with high lithium carbonate inventory worried about inventory depreciation, strategies include selling the main futures contract (20% recommended hedging ratio) and selling LC2601 - C - 90000 (10% recommended hedging ratio) [2].

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇11月10日｜碳酸锂连续主力合约日内涨7%，现报86960.00元/吨。 （责任编辑：宋政 HN002） ...

每经AI快讯，11月10日，碳酸锂连续主力合约日内涨4%，现报84520.00元/吨。 （责任编辑：王治强 HF013） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 每日经济新闻 ...

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - This week, the price of lithium carbonate futures fluctuated widely in the range of 77,000 - 83,000 yuan per ton. The 2511 contract closed at 80,460 yuan per ton, up 1,160 yuan per ton week - on - week, and the 2601 contract closed at 82,300 yuan per ton, up 1,520 yuan per ton week - on - week. The spot price decreased by 150 yuan per ton to 80,400 yuan per ton [1]. - The current market is trading on the increase in mining costs rather than the resumption of supply. After the resumption of work in Jiangxi mines, there is still a downward risk in prices. In terms of energy storage demand, the number of tender projects in October decreased month - on - month, and the price of lithium ore has declined but remains at a high level [3]. - For unilateral trading, it is expected that the price of the futures main contract will move in the range of 70,000 - 83,000 yuan per ton. For inter - period trading, no recommendations are provided. For hedging, it is recommended to reduce the hedging ratio [4][5]. 3. Summaries According to Relevant Catalogs 3.1 Supply and Demand Fundamentals - **Raw Materials**: The price of lithium ore dropped from the high of $944 per ton last week to $927 per ton. The prices of lithium hexafluorophosphate and electrolyte increased significantly, with the electrolyte for lithium iron phosphate having the largest increase. The prices of downstream batteries and cathodes were weak [2]. - **Supply**: The weekly output increased to 21,534 tons, and the operating rate rose to 55%. The inventory decreased by 3,405 tons to 124,000 tons compared with last week. Yichun Times New Energy Mining Co., Ltd. needs to pay 247 million yuan in mining rights transfer fees for the lithium ore resources used from February 28, 2022, to August 9, 2025, involving 25.83 million tons of raw ore, and the cost per ton of lithium carbonate is expected to increase by 2,864 yuan [2]. - **Demand**: In October 2025, the domestic energy storage market completed 10GW/29.4GWh of energy storage systems and EPC general contracting tendering for equipment, showing a decline compared with 11.7GW/33.3GWh in September. The average bid price for 2 - hour energy storage systems was 0.628 yuan/Wh, and the bid price range for 4 - hour energy storage systems was 0.43 - 0.65 yuan/Wh, with an average of 0.52 yuan/Wh [2]. 3.2 Charts and Data - **Lithium Salt Upstream Supply - Side (Lithium Ore)**: There are charts showing the processing profit of spodumene concentrate, the average price trend of spodumene concentrate, the monthly import volume and price of lithium concentrate, and the monthly import volume and price of Australian lithium concentrate [6][7]. - **Lithium Salt Mid - stream Consumption - Side (Lithium Salt Products)**: Multiple charts display the prices of battery - grade lithium carbonate in different regions, the price trends of domestic battery - grade and industrial - grade lithium carbonate, the processing cost of converting industrial - grade to battery - grade lithium carbonate, the production volume, operating rate, inventory, and import and export volume of lithium carbonate [7][8][9][10]. - **Lithium Salt Downstream Consumption - Side (Lithium Batteries and Materials)**: Charts present the apparent consumption of lithium carbonate in China, the available days of inventory, the monthly production volume and operating rate of lithium iron phosphate and ternary materials, the import and export volume of ternary materials, the installed capacity of Chinese lithium batteries, and the production volume of various types of power lithium batteries [11][12].

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The supply - demand fundamentals of lithium carbonate are neutral. The supply side shows that last week's lithium carbonate production was 21,080 tons, a 1.07% decrease from the previous week, and higher than the historical average. The production in October 2025 was 92,260 physical tons, and the predicted production for next month is 92,080 tons, a 0.19% decrease. The demand side indicates that the inventory of sample enterprises of lithium iron phosphate and ternary materials increased last week. The overall inventory is higher than the historical average, but the inventory of smelters is lower than the historical average [8][9]. - The cost situation varies. The cost of imported lithium spodumene concentrate decreased by 0.11% day - on - day, with a production profit of 419 yuan/ton. The cost of imported lithium mica increased by 0.14% day - on - day, resulting in a loss of 5,626 yuan/ton. The cost of the recycling end is close to that of the ore end, with average production enthusiasm. The quarterly cash production cost of the salt lake end is 31,477 yuan/ton, with sufficient profit margins and strong production motivation [9]. - On November 06, 2025, the spot price of battery - grade lithium carbonate was 80,400 yuan/ton, and the basis of the 01 contract was - 100 yuan/ton, with the spot at a discount to the futures. The market is expected to see strengthened demand next month, and inventory may be reduced. The price of 6% concentrate CIF decreased day - on - day and is lower than the historical average. The price of lithium carbonate 2601 is expected to fluctuate in the range of 79,420 - 81,580 yuan/ton [9]. 3. Summary by Directory 3.1 Daily Views - Supply side: Last week's lithium carbonate production was 21,080 tons, a 1.07% decrease from the previous week and higher than the historical average. In October 2025, the production was 92,260 physical tons, and the predicted production for next month is 92,080 tons, a 0.19% decrease [8][9]. - Demand side: The inventory of sample enterprises of lithium iron phosphate and ternary materials increased last week. The inventory of lithium iron phosphate sample enterprises was 105,719 tons, a 0.70% increase from the previous week, and the inventory of ternary material sample enterprises was 18,890 tons, a 1.60% increase from the previous week [8]. - Cost side: The cost of imported lithium spodumene concentrate was 78,850 yuan/ton, a 0.11% decrease day - on - day, with a production profit of 419 yuan/ton. The cost of imported lithium mica was 82,865 yuan/ton, a 0.14% increase day - on - day, resulting in a loss of 5,626 yuan/ton. The cost of the recycling end is close to that of the ore end, with average production enthusiasm. The quarterly cash production cost of the salt lake end is 31,477 yuan/ton, with sufficient profit margins and strong production motivation [9]. - Market indicators: The fundamentals are neutral; the basis is neutral; the inventory situation is neutral; the market trend is bullish; the main positions are net short and increasing short positions; the expected price of lithium carbonate 2601 is expected to fluctuate in the range of 79,420 - 81,580 yuan/ton [9]. 3.2 Fundamental/Position Data - **Market Overview**: The prices of various lithium - related products showed different trends. For example, the price of battery - grade lithium carbonate was 80,400 yuan/ton, a 0.12% decrease from the previous day, and the price of industrial - grade lithium carbonate was 78,200 yuan/ton, a 0.13% decrease from the previous day [15]. - **Supply - side Data**: The weekly and monthly operating rates of lithium carbonate production from different sources (lithium spodumene, lithium mica, salt lake, and recycling materials) showed different changes. The monthly production of lithium carbonate also showed an overall upward trend in some cases. For example, the monthly production of lithium carbonate in October 2025 was 92,260 tons, a 5.73% increase from the previous month [18]. - **Demand - side Data**: The production and sales data of lithium - ion batteries, new energy vehicles, and related materials showed different trends. For example, the monthly total installation volume of power batteries was 76,000 GWh, a 21.60% increase from the previous month [18]. - **Inventory Data**: The inventory of lithium carbonate, including smelter inventory, downstream inventory, and other inventory, showed different trends. The overall inventory was 127,358 tons, a 2.30% decrease from the previous week, but still higher than the historical average [9].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The short - term positive macro - atmosphere will drive up commodity prices, and the price of lithium carbonate may show a strong performance. However, as the market's macro - sentiment fades, the lithium price may decline again. It is expected that the price of lithium carbonate will fluctuate in November, with an upward trend first and then a downward trend [4][70]. 3. Summary by Directory 3.1. Market Review In October, the operating range of the main lithium carbonate contract shifted upward. The demand side maintained moderate growth. Due to capacity bottlenecks, spodumene - based lithium production only increased slightly. Although a large amount of new capacity was put into operation in salt lakes, it took time to reach full production. The mid - month saw the shutdown of the Jiangxi 414 mine and a warm macro - atmosphere, which led to a rise in lithium prices [8]. 3.2. End of Resource - end Disturbances - **Overseas Mines Maintain Production Increase**: As domestic previously shut - down mines have not resumed production, the dependence on overseas ore imports has increased. As of October 27, the average CIF price of spodumene was $906/ton, a 7.47% increase from the beginning of the month. In September, the import volume of spodumene increased by 14.75% month - on - month. It is expected that the arrival of spodumene in November will increase month - on - month [11]. - **Domestic Mines' Production Stabilizes**: In September, the output of domestic lepidolite ore decreased by about 6% month - on - month, while the output of domestic spodumene mines increased by about 2% month - on - month. Overall, domestic lepidolite mines' production is stable, and spodumene mines have a slight reduction in production [20]. 3.3. Continued Growth in Lithium Carbonate Supply - **Domestic Lithium Carbonate Production May Increase Month - on - Month**: In the first three weeks of October, the production of lithium carbonate increased by 5.46% (or 3264 tons) month - on - month. Spodumene - based lithium production increased by 3.72% (or 1415 tons), mica - based lithium production was basically flat, salt - lake - based lithium production increased by 15.66% (or 1252 tons), and recycling - based lithium production increased by 7.35% (or 410 tons). In November, domestic lithium salt factories are expected to maintain an increasing production trend [27]. - **Overseas Salt Lakes Increase Production and Shipments Gradually Increase**: In November, the import volume from Argentina will increase significantly, and the import volume from Chile is also expected to increase. Overall, the domestic import of lithium salt may increase significantly month - on - month [37]. 3.4. Weak Growth in Power and Slowing Growth in Cathode Materials - **Differentiated Terminal Demand**: In October, the year - on - year and month - on - month growth rates of new energy vehicle sales narrowed. In September, the total winning bid capacity of domestic energy storage projects decreased by 12.39% month - on - month. In September, the sales of plug - in new energy vehicles in the EU increased by 35.65% month - on - month and 33.35% year - on - year. In November, the growth of domestic and overseas power terminal demand is weak, while the demand for energy storage installation remains good [40][42]. - **Slowing Month - on - Month Growth Rate of Cathode Material Scheduling**: In October, the scheduling of lithium iron phosphate power cells increased by 9.1% month - on - month, and that of ternary material power cells was basically flat. The scheduling of energy storage cells was also basically flat. In September, the export of power cells increased by 17.1% month - on - month, and that of energy storage cells increased by 21.33% month - on - month. It is expected that the month - on - month growth rate of cathode material scheduling in November will narrow significantly [52]. 3.5. Slowdown in Inventory Reduction Progress From September to October, lithium carbonate was seasonally destocked. As of October 23, the lithium carbonate inventory decreased by 10,800 tons compared with the end of August, 27.07% less than the destocking volume in the same period last year. In November, the supply and demand of lithium carbonate will both increase, but the destocking speed will slow down compared with October [66]. 3.6. Outlook for the Future The short - term positive macro - atmosphere will drive up commodity prices, and the price of lithium carbonate may show a strong performance. However, as the market's macro - sentiment fades, the lithium price may decline again. It is expected that the price of lithium carbonate will fluctuate in November, with an upward trend first and then a downward trend [70].