Market Analysis - On November 27, 2025, the main contract 2605 of lithium carbonate opened at 96,600 yuan/ton and closed at 95,820 yuan/ton, with a -1.68% change from the previous trading day's settlement price. The trading volume was 741,463 lots, and the open interest was 507,882 lots, compared to 478,054 lots in the previous trading day. The current basis is -3,980 yuan/ton (average price of electric carbon - futures). The number of lithium carbonate warehouse receipts was 26,781 lots, a change of -269 lots from the previous trading day [1]. - According to SMM data, the price of battery - grade lithium carbonate is quoted at 90,600 - 96,000 yuan/ton, a change of 500 yuan/ton from the previous trading day, and the price of industrial - grade lithium carbonate is quoted at 89,200 - 92,500 yuan/ton, a change of 450 yuan/ton from the previous trading day. The price of 6% lithium concentrate is 1,195 US dollars/ton, a change of 10 US dollars/ton from the previous day. Downstream material factories are taking a cautious and wait - and - see attitude, and purchases are mainly for rigid demand, with light market transactions [1]. - Upstream and downstream enterprises are negotiating long - term agreements for next year, and the current focus is on the coefficient. On the supply side, the overall operating rate of lithium salt plants remains high, with lithium spodumene and salt lake being the main supply sources. It is expected that the domestic lithium carbonate production in November can maintain the production level of October, with a roughly flat month - on - month change [1]. - In terms of demand, in the power market, both commercial and passenger new energy vehicles are growing rapidly; in the energy storage market, supply and demand are both booming, and supply remains tight [1]. - The Natural Resources Ministry has issued a notice on the change registration (including renewal) and license application for the non - oil and gas mining rights of the Zhenkouli in Yifeng County, Jiangxi Province - Jianxiawo Lithium Mine in Fengxin County. It is expected that the subsequent resumption of production will accelerate, but the actual resumption progress still needs to be continuously monitored [2]. - According to the latest weekly statistics, the weekly production decreased by 265 tons to 21,865 tons. The production from lithium spodumene and mica increased slightly, while the production from salt lakes decreased slightly. The weekly inventory decreased by 2,452 tons to a total of 115,968 tons. The inventory of smelters and downstream decreased, while the inventory in other links increased. The consumer side has shown good performance recently [2]. Strategy - Inventory is continuously being depleted, and consumption has certain support. Currently, the resumption of production at the mine end is in progress, and it is expected to gradually resume production in the future. There are significant differences in the consumption forecast for the first quarter. It is expected that the demand from the power battery end will decrease, while the energy storage end will remain at a high level. Attention should be paid to the extent of the weakening in the power sector [3]. - For trading strategies, it is recommended to mainly wait and see in the short - term for single - side trading. There are no specific strategies for inter - period, options, cross - variety, and spot - futures trading [3].