Report Industry Investment Rating - No industry investment rating information provided Core Viewpoints - The recent strong rise in the lithium carbonate futures market is mainly driven by mine - end disturbance news, including issues with lithium mica mines in Jiangxi and the suspension of salt lake mining by some companies. The uncertainty of lithium resource mining approvals and strong macro - commodity sentiment have led to the rise. If there are more domestic resource shutdowns, the supply - demand pattern may reverse. The short - term futures market may be strongly influenced by capital sentiment and policies [3] Market Analysis - On July 24, 2025, the lithium carbonate main contract 2509 opened at 70,180 yuan/ton and closed at 76,680 yuan/ton, with a 7.21% change from the previous day's settlement price. The trading volume was 1,770,283 lots, and the open interest was 436,727 lots (362,054 lots the previous day). The current basis is - 690 yuan/ton. The number of lithium carbonate warehouse receipts was 11,654 lots, a change of 900 lots from the previous day [1] - According to SMM data, the price of battery - grade lithium carbonate is 69,200 - 71,900 yuan/ton, a change of 100 yuan/ton from the previous day; the price of industrial - grade lithium carbonate is 68,400 - 69,400 yuan/ton, also a 100 - yuan/ton change. The price of 6% lithium concentrate is 790 US dollars/ton, a 20 - dollar/ton change from the previous day. Due to the high price being unacceptable to downstream enterprises, the procurement willingness is weak, and the overall trading volume is light [1] Inventory and Production - The latest total inventory is 142,620 tons (140,793 tons in the previous period), including 58,039 tons in smelters (58,598 tons in the previous period), 41,271 tons in downstream inventories (40,765 tons in the previous period), and 43,310 tons in other inventories (41,430 tons in the previous period) [2] - The latest weekly total production is 18,630 tons (19,115 tons in the previous period), including 9,324 tons of lithium carbonate produced from pyroxene (8,994 tons in the previous period), 5,100 tons from mica (5,075 tons in the previous period), 3,282 tons from salt lakes (3,265 tons in the previous period), and 1,409 tons from recycled materials (1,479 tons in the previous period) [2] Strategy - **Unilateral**: None [3] - **Inter - period**: None [4] - **Inter - variety**: None [4] - **Spot - futures**: None [4] - **Options**: None [4]