Report Overall Summary - The report is a daily review of lithium carbonate futures on November 26, 2025, analyzing market trends, fundamentals, and providing trading strategies [1] Report Industry Investment Rating - Not provided Report Core View - The current supply and demand are weak. With news of Jiangxi lithium mine restart being inconsistent, lithium ore prices and production reaching new highs, strong downstream wait - and - see sentiment, light spot market transactions, weak power demand, and the exchange taking measures to cool the market, lithium prices are expected to fluctuate weakly [1] Market Data Summary Futures Price - The closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures decreased compared to the previous day, with declines of 1,080 yuan/ton, 900 yuan/ton, 940 yuan/ton, and 940 yuan/ton respectively [1] Trading Volume and Open Interest - The trading volume of lithium carbonate futures was 810,231 lots (+198,952), and the open interest of the active contract was 478,054 lots (+134,855) [1] Inventory - The inventory was 27,050 tons (+435), and the SMM total lithium carbonate inventory decreased by 2,052 tons compared to last week [1] Price Spreads - The spreads between different contracts and the basis showed various changes, such as the near - month - consecutive - one spread decreasing by 180 yuan/ton [1] Spot Prices - The average prices of various lithium - related products such as lithium carbonate, lithium hydroxide, and lithium phosphate showed different degrees of increase or stability compared to the previous day [1] Industry News - The UK will include critical mineral reserves in its defense procurement plan, aiming to meet 10% of domestic demand through domestic mining and 20% through recycling by 2035, with a £50 million fund. Two London - based companies plan to build a lithium refinery in northern England, and the project is close to the final stage [1] Supply and Demand Fundamentals Supply - Last week, the production of lithium carbonate increased, and the production of lithium carbonate from various raw materials also rose [1] Demand - Last week, the production of lithium iron phosphate and ternary materials increased. In November, the production of lithium aluminate increased, while the production of lithium manganate decreased. Last week, the production of power batteries decreased. In October, the year - on - year and month - on - month growth rates of new energy vehicle production and sales slowed down, 3C shipments weakened, and the production of energy - storage batteries increased in November [1] Trading Strategy - Short at high prices [1]

Core Insights - India is seizing the opportunity to develop its gallium resources in response to China's export restrictions, which have caused a global shortage and skyrocketing prices [2][4][6] - The Indian government aims to achieve self-sufficiency in critical minerals by 2025, reducing reliance on foreign sources and enhancing its strategic position [4][8][10] Industry Developments - The Indian mining sector is planning significant investments to enhance gallium extraction capabilities, with estimates suggesting that annual production could reach hundreds of tons, attracting foreign investment and technology [4][6] - The National Aluminium Company and Hindustan Zinc are exploring initial gallium extraction, with plans for dedicated facilities to increase production [6][8] Strategic Partnerships - India is engaging in international discussions to establish cooperation frameworks with Western countries, focusing on gallium's role in the semiconductor and defense industries [6][10][12] - The government is coordinating with defense sectors to integrate gallium into military applications, including advanced radar systems and missile guidance technologies [8][10][14] Economic Impact - The gallium trade is projected to generate substantial revenue, potentially reaching billions of dollars, while also supporting the growth of the semiconductor industry in India [6][10][12] - The government is implementing policies to simplify approvals and encourage private investment in gallium production, aiming to boost local manufacturing capabilities [10][16] Future Outlook - By November 2025, India plans to have gallium production facilities operational, with a focus on sustainable development and avoiding over-exploitation of resources [8][16] - The Indian government is exploring overseas mineral acquisitions to strengthen its position in the global value chain, while also prioritizing high-tech defense procurement [12][18]