1. Report Information - Report title: Carbonate Lithium Futures Daily Report [1] - Date: November 19, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] 2. Industry Investment Rating - Not mentioned in the report 3. Core View - Carbonate lithium futures rose and then fell, with the main contract closing at 93,520 at the end of the session. The total open interest decreased by 96,376 lots. After the market closed, the Guangzhou Futures Exchange raised the trading fees for the 2601 contract to cool down the overheated trading enthusiasm. The price of spot electric carbon increased by 1,250, Australian ore by 60, mica by 125, 6F by 3,500, electrolyte remained flat, ternary materials by 200 - 300, and lithium iron phosphate by 300. In the short term, the industrial chain continued to see price increases, but the futures price had risen too much compared to the spot price, so there was pressure for the futures and spot prices to converge. The short - term futures price increase would continue to slow down, while the medium - term outlook was still bullish [9] 4. Summary by Directory 4.1 Market Review and Operation Suggestions - Carbonate lithium futures showed a trend of rising and then falling. The main contract closed at 93,520 at the end of the session, and the total open interest dropped by 96,376 lots. After - market, the exchange raised trading fees. Spot prices of various related materials increased, but the futures price had a large increase compared to the spot, leading to pressure for price convergence. Short - term price increase would slow, and the medium - term was bullish [9] 4.2 Industry News - Shengxin Lithium Energy announced a cooperation framework agreement with Huayou Holding Group Co., Ltd. for lithium salt product business from 2026 to 2030. Huayou Holding Group will purchase 221,400 tons of lithium salt products from the company during this period, and the annual purchase volume will be specified in subsequent sub - orders [10] - Hunan Yueneng's wholly - owned subsidiary, Yueneng Recycling, started the construction of a project for the disassembly and recycling of 20,000 tons of waste lithium - ion batteries per year and a project for the production of 30,000 tons of battery - grade lithium carbonate per year in the Xiangxiang Economic Development Zone. The total project investment is 630 million yuan, with the battery recycling project investing 150 million yuan. The lithium carbonate project uses spodumene as raw material and a roasting - acidification - leaching process. The company is also promoting upstream projects such as a 200,000 - ton lithium iron phosphate precursor change project and black powder recycling [10]

Research Views - Yesterday, the 2509 contract of lithium carbonate futures rose 0.43% to 70,600 yuan/ton. The average price of battery-grade lithium carbonate decreased by 200 yuan/ton to 72,950 yuan/ton, the average price of industrial-grade lithium carbonate decreased by 150 yuan/ton to 70,850 yuan/ton, and the price of battery-grade lithium hydroxide (coarse particles) increased by 50 yuan/ton to 65,470 yuan/ton. The warehouse receipt inventory increased by 855 tons to 13,131 tons [3]. - On the supply side, the output in July is expected to increase by 3.9% month-on-month to 81,150 tons, and the weekly output decreased by 485 tons to 18,630 tons. In terms of imports, China's lithium carbonate import volume in June 2025 was 17,700 tons, a month-on-month decrease of 16.3%. On the demand side, the production schedule in July increased slightly month-on-month, and the consumption of lithium carbonate by the two major main materials increased by 3% month-on-month to about 80,800 tons. On the inventory side, the weekly inventory increased by 550 tons to 143,170 tons, with downstream inventory increasing by 1,544 tons to 42,815 tons, intermediate links increasing by 1,660 tons to 44,970 tons, and upstream inventory decreasing by 2,654 tons to 55,385 tons [3]. - The core contradiction in the short-term fundamentals lies in concerns about supply disruptions, but there is still no clear announcement. Affected by the overall market, market volatility is relatively large. Opportunities to short volatility in the subsequent market can be monitored, and attention should be paid to position management [3]. Daily Data Monitoring - The report presents a table of daily price data for various products in the lithium - ion battery industry chain, including futures, lithium ore, lithium carbonate, lithium hydroxide, and other related products. It shows price changes from July 29 - 30, 2025, such as the main contract closing price of futures dropping from 70,840 yuan/ton to 70,600 yuan/ton, and the price of battery - grade lithium carbonate decreasing by 200 yuan/ton [5]. Chart Analysis Ore Prices - The report includes charts showing the price trends of lithium - related ores such as lithium spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%, 2.0% - 2.5%), and lithium aluminum phosphate stone (6% - 7%, 7% - 8%) from 2024 to 2025 [6][8]. Lithium and Lithium Salt Prices - There are charts depicting the price trends of metal lithium, battery - grade lithium carbonate average price, industrial - grade lithium carbonate average price, battery - grade lithium hydroxide price, industrial - grade lithium hydroxide price, and lithium hexafluorophosphate price from 2024 to 2025 [9][11][13]. Price Spreads - Charts display the price spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, and other related spreads from 2024 to 2025 [16][17][18]. Precursor & Cathode Materials - The report provides charts showing the price trends of ternary precursors (523, 622, 811), ternary materials (523, 622, 811), lithium iron phosphate, lithium manganate, and cobalt acid lithium from 2024 to 2025 [21][24][27]. Lithium Battery Prices - There are charts presenting the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2025 [30][32][33]. Inventory - Charts show the inventory trends of downstream, smelters, and other links in the lithium carbonate industry from December 2024 to July 2025 [35][37][39]. Production Costs - A chart depicts the production profit trends of lithium carbonate from different raw materials such as外购三元极片黑粉, 外购磷酸铁锂极片黑粉, lithium mica concentrate, and lithium spodumene concentrate from 2024 to 2025 [39][40]

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Viewpoints of the Report - The report focuses on the decline of lithium carbonate commodity prices in the Friday night session and the potential transmission of pessimistic sentiment. The trend intensity of lithium carbonate is -1, indicating a relatively bearish view [1][3]. Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Contracts**: For the 2509 contract, the closing price was 80,520, the trading volume was 1,203,424, and the open - interest was 491,088. For the 2511 contract, the closing price was 79,160, the trading volume was 269,748, and the open - interest was 168,008 [1]. - **Basis and Price Differences**: The basis between spot and 2509 contract was -7,620, between spot and 2511 contract was -6,260, and between 2509 and 2511 contracts was 1,360. The price difference between electric - carbon and industrial - carbon was 2,200, and between spot and CIF was 9,822 [1]. - **Raw Materials**: The price of lithium spodumene concentrate (6%, CIF China) was 810, and the price of lithium mica (2.0% - 2.5%) was 1,790 [1]. - **Lithium Salts**: The price of battery - grade lithium carbonate was 72,900, industrial - grade lithium carbonate was 70,700, battery - grade lithium hydroxide (micropowder) was 68,270, etc [1]. - **Related Products**: The price of lithium iron phosphate (power type) was 33,255, and the price of ternary materials such as 523 (polycrystalline/consumer type) was 109,550 [1]. 2. Macro and Industry News - SMM's battery - grade lithium carbonate index price was 72,746 yuan/ton, up 2,573 yuan/ton from the previous working day. The average price of battery - grade lithium carbonate was 72,900 yuan/ton, up 2,350 yuan/ton, and the average price of industrial - grade lithium carbonate was 70,700 yuan/ton, up 1,800 yuan/ton [2]. 3. Exchange Regulations - The Guangzhou Futures Exchange announced that from July 28, 2025, non - futures company members or clients' daily opening positions in the lithium carbonate futures LC2509 contract should not exceed 3,000 lots. Hedging and market - making transactions are exempt from this limit [3].