Report Information - Report Name: Carbonate Lithium Futures Daily Report [1] - Date: November 20, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Report Highlights Investment Rating - No investment rating information provided in the report. Core View - Carbonate lithium futures prices are rising, with far - month contracts breaking through 100,000. The trading enthusiasm is high, with the total intraday open interest increasing by 70,750 lots. The spot price has risen by 1500 to 88,900. Various related products in the industry chain are also rising. Although the spot price is following the increase, the futures price is still significantly higher than the spot price. Short - term chasing of the rising price is risky. It is recommended to wait for the futures - spot price to converge and then buy at low prices [11]. Summary by Section 1. Market Review and Operation Suggestions - Carbonate lithium futures prices increased, with far - month contracts exceeding 100,000. The trading enthusiasm remained high, and the total intraday open interest increased by 70,750 lots. The spot price rose 1500 to 88,900, 6F rose 4000, Australian ore increased by 60, mica increased by 110, electrolyte remained flat, ternary cathode materials rose 300 - 500, and lithium iron phosphate rose 350 - 365. The prices in the industrial chain are rising continuously. However, the futures price is much higher than the spot price, so short - term chasing of the rising price has risks. It is advisable to wait for the futures - spot price to converge and then buy at low prices [11]. 2. Industry News - The EU plans to establish a central institution for coordinating the procurement and reserve of critical minerals. The EU aims to diversify the inventory of critical minerals such as lithium and copper to reduce dependence on a single country. The plan also includes signing partnership agreements with countries like Brazil and South Africa and providing funds for relevant innovation [12]. - At the 15th High - tech Lithium Battery Annual Conference, it was predicted that China's lithium battery shipments would increase by more than three times from 2025 to 2035. The period from 2027 (or 2028) to 2030 will be an important stage for the large - scale construction of GWh - level production capacity in the all - solid - state lithium battery industry. With the growing demand in the power battery and energy storage markets and the breakthroughs in new technologies, China's lithium battery industry is transforming from scale expansion to value creation and will maintain high - speed growth in the next decade [12][13].