Core Viewpoint - Lithium carbonate futures main contract increased by 2% during the day, currently priced at 88,400 yuan per ton [1] Group 1 - The main contract for lithium carbonate futures has shown a significant price movement, indicating potential market volatility and investor interest [1]

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].

Core Viewpoint - Lithium carbonate continuous main contract increased by 7% in a single day, currently priced at 86,960.00 yuan/ton [1] Group 1 - The significant rise in lithium carbonate prices indicates strong market demand and potential investment opportunities in the lithium sector [1]

Core Viewpoint - Lithium carbonate continuous main contract increased by 4% in a single day, currently priced at 84,520.00 yuan/ton [1] Group 1 - The price movement indicates a significant rise in the lithium carbonate market, reflecting potential demand fluctuations [1]

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].

Group 1: Report General Information - Report Name: Carbonate Lithium Futures Daily Report [1] - Date: November 6, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - Carbonate lithium futures stopped falling and rebounded, with a total position increase of 849 lots, but funds have not returned. Spot prices are more resistant to decline than futures. The overall decline in the industrial chain price is small, and the electrolyte continues to rise against the trend, indicating tight supply - demand in this field. In the short term, futures prices will move closer to spot prices. The speculation on the mining end is unlikely to materialize in the short term. Due to the supply inflection point and continuous inventory reduction, the spot is firm, and it is difficult for futures prices to break through the lower limit. Futures prices are expected to rebound [9] Group 4: Summary by Directory 1. Market Review and Operation Suggestions - Carbonate lithium futures stopped falling and rebounded, with a total position increase of 849 lots. The spot price dropped by 400 to 80,500, showing resistance to decline compared to futures. Australian ore dropped by 20, mica ore dropped by 30, ternary materials remained flat, lithium iron phosphate dropped by 90 - 100, and the electrolyte rose by 600 - 1250. The overall decline in the industrial chain price is small, and the electrolyte continues to rise against the trend, indicating tight supply - demand. Futures prices are expected to rebound due to the weak follow - up decline of the spot and the firm spot under the influence of supply and inventory factors [9] 2. Industry News - Salt Lake Co., Ltd. plans to produce 43,000 tons of carbonate lithium in 2025, and a 40,000 - ton lithium salt project was officially put into operation at the end of September, laying a foundation for further capacity expansion [12] - Hainan Mining revealed that the CIF cost of 5.5% grade lithium concentrate from its Buguni lithium mine transported to Hainan is about $750/ton. Its lithium hydroxide products are undergoing certification and sample testing with domestic and foreign customers, and relevant government approvals are in progress. The company also announced a technical renovation plan to add carbonization and potassium removal facilities at the back - end of the existing 20,000 - ton lithium hydroxide production line. After the renovation, which takes about half a year, it can flexibly convert part of the capacity to produce battery - grade carbonate lithium, achieving a product combination of "20,000 tons of lithium hydroxide" or "10,000 tons of lithium hydroxide + 8,000 tons of carbonate lithium" to respond to market changes and improve profitability [12]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The production of lithium carbonate last week was 21,080 tons, a week-on-week decrease of 1.07%, higher than the historical average. The inventory of lithium iron phosphate sample enterprises last week was 104,979 tons, a week-on-week increase of 0.61%, and the inventory of ternary material sample enterprises was 18,890 tons, a week-on-week increase of 1.60% [8]. - In October 2025, the production of lithium carbonate was 92,260 physical tons, and the predicted production for next month is 92,080 physical tons, a month-on-month decrease of 0.19%. The import volume of lithium carbonate in October 2025 was 22,000 physical tons, and the predicted import volume for next month is 27,000 physical tons, a month-on-month increase of 22.73%. It is expected that the demand will strengthen next month, and the inventory may be reduced. The cost of 6% concentrate CIF decreased on a daily basis and was lower than the historical average. The lithium carbonate 2601 is expected to fluctuate in the range of 78,080 - 80,200 [9]. - The main logic is that the mismatch between production capacity leads to strong supply and weak demand, and the downward trend is difficult to change [12]. Summaries by Directory 1. Daily Viewpoints - **Supply Side**: Last week's lithium carbonate production was 21,080 tons, down 1.07% week-on-week and higher than the historical average. In October 2025, production was 92,260 tons, and next month's forecast is 92,080 tons, a 0.19% decrease. The import volume in October was 22,000 tons, and next month's forecast is 27,000 tons, a 22.73% increase [8][9]. - **Demand Side**: The inventory of lithium iron phosphate sample enterprises last week was 104,979 tons, up 0.61% week-on-week, and the inventory of ternary material sample enterprises was 18,890 tons, up 1.60% week-on-week. It is expected that the demand will strengthen next month, and the inventory may be reduced [8][9]. - **Cost Side**: The daily price of 6% concentrate CIF decreased and was lower than the historical average. The cost of purchasing spodumene concentrate was 78,943 yuan/ton, a daily decrease of 0.86%, with a profit of 425 yuan/ton. The cost of purchasing lithium mica was 82,750 yuan/ton, a daily decrease of 0.82%, with a loss of -5,412 yuan/ton. The production cost at the recycling end was close to that at the ore end, and the production enthusiasm was average. The quarterly cash production cost at the salt lake end was 31,477 yuan/ton, significantly lower than that at the ore end, with sufficient profit margins and strong production motivation [9]. - **Market Outlook**: The lithium carbonate 2601 is expected to fluctuate in the range of 78,080 - 80,200 [9]. 2. Fundamental/Position Data - **Lithium Carbonate Market Overview**: The futures closing prices of various contracts showed different degrees of increase or decrease. The basis of most contracts decreased. The prices of upstream raw materials such as lithium ore and lithium carbonate also changed to varying degrees, with some increasing and some decreasing [14]. - **Supply - Side Data**: The weekly operating rate was 74.39%, unchanged from the previous period. The monthly production of lithium carbonate in October was 92,260 tons, an increase of 5,000 tons compared to the previous month, a 5.73% increase. The monthly import volume of lithium concentrate was 520,514 tons, an increase of 49,915 tons compared to the previous month, a 10.61% increase. The monthly import volume of lithium carbonate was 19,596.90 tons, a decrease of 2,250.01 tons compared to the previous month, a -10.30% decrease [17]. - **Demand - Side Data**: The monthly operating rate of various products increased to varying degrees. The monthly production of lithium iron phosphate was 394,350 tons, an increase of 37,600 tons compared to the previous month, a 10.54% increase. The monthly production of ternary materials increased to varying degrees. The monthly total battery loading volume was 76,000 GWh, an increase of 13,500 GWh compared to the previous month, a 21.60% increase [17].