Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The short - term lithium carbonate futures market is greatly affected by news and warehouse receipt games. It is necessary to track whether lithium ore approval issues are universal and observe the production scheduling of Australian mines. If there is no impact on the mine - end operation later, short - selling hedging can be carried out in the far - month contracts after choosing the right opportunity. Meanwhile, short - term unilateral trading should be mainly in a wait - and - see state [2][4]. 3. Summary by Relevant Content Market Analysis - On July 17, 2025, the opening price of the lithium carbonate main contract 2509 was 66,800 yuan/ton, and the closing price was 67,960 yuan/ton, a 1.15% increase from the previous settlement price. The trading volume was 826,939 lots, and the open interest was 363,676 lots, an increase of 23,058 lots from the previous trading day. The total open interest of all contracts was 637,419 lots, an increase of 17,801 lots from the previous trading day. The total trading volume of contracts increased by 469,317 lots from the previous trading day, and the overall speculation degree was 1.63. The number of lithium carbonate warehouse receipts was 10,239 lots, a decrease of 416 lots from the previous day [1]. - According to SMM data, on July 17, 2025, the price of battery - grade lithium carbonate was 63,900 - 66,000 yuan/ton, unchanged from the previous day, and the price of industrial - grade lithium carbonate was 62,850 - 63,850 yuan/ton, also unchanged from the previous day [1]. - The spot inventory was 142,600 tons, including 58,000 tons in smelters, 41,300 tons in downstream enterprises, and 43,300 tons in other sectors. The weekly inventory increased by 1,827 tons to 142,600 tons, mainly due to a large increase in other sectors. The weekly output also slightly increased by 302 tons to 19,100 tons, with a relatively large increase in the output produced from spodumene [1]. Strategy - Recently, the prices of lithium salts and lithium ores have both risen. The latest transaction price of lithium concentrate is 750 US dollars/ton, the average price of lithium carbonate is 64,950 yuan/ton, and the average price of industrial - grade lithium carbonate is 63,350 yuan/ton. The sharp rise in the futures market today is mainly due to a notice from a subsidiary of a salt - lake enterprise to stop lithium resource development activities. The company plans to produce and sell 11,000 tons of lithium carbonate in 2025, with an expected production of 5,350 tons and sales of 4,470 tons in the first half of the year [2]. - The impact of a single enterprise is relatively limited. Combined with previous lithium ore problems in Jiangxi, it is necessary to track whether lithium ore approval issues are universal and observe whether it will lead to the suspension of mining operations of other enterprises or an increase in production costs. In addition, attention should be paid to the production scheduling announcements of Australian mines. Short - term futures prices are greatly affected by news and warehouse receipt games, so risk management should be done well. If there is no impact on the mine - end operation later, short - selling hedging can be carried out in the far - month contracts after choosing the right opportunity [2]. Trading Recommendations - Unilateral trading: Mainly wait and see in the short term [4]. - Inter - delivery spread trading: No recommendation [4]. - Cross - variety trading: No recommendation [4]. - Spot - futures trading: No recommendation [4]. - Options trading: No recommendation [4].