研究员: 陈思嘉 期货从业资格号F03118799 期货投资咨询从业证书号Z0022803 | 项目类别 | 数据指标 最新 | | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价（日，元/吨） 120,360.00 | | +5980.00↑ 前20名净持仓（日，手） | -141,692.00 | +5257.00↑ | | | 主力合约持仓量（日，手） 671,573.00 | | -316.00↓ 近远月合约价差（日，元/吨） | -1,560.00 | +20.00↑ | | | 广期所仓单（日，手/吨） 16,651.00 | | +240.00↑ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） 99,500.00 | | +500.00↑ 工业级碳酸锂平均价（日，万元/吨） | 96,850.00 | +500.00↑ | | | Li₂CO₃主力合约基差（日，元/吨） -20,860.00 | | -5480.00↓ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平 ...

碳酸锂产业日报 2025/12/22 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） | 114,380.00 | +2980.00↑ 前20名净持仓（日，手） | -146,949.00 | +8070.00↑ | | 期货市场 | 主力合约持仓量（日，手） | 671,889.00 | +3060.00↑ 近远月合约价差（日，元/吨） | -1,580.00 | -120.00↓ | | | 广期所仓单（日，手/吨） | 16,411.00 | +900.00↑ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | 99,000.00 | +1350.00↑ 工业级碳酸锂平均价（日，万元/吨） | 96,350.00 | +1300.00↑ | | | Li₂CO₃主力合约基差（日，元/吨） | -15,380.00 | -1630.00↓ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | 0.00 | -13 ...

Group 1: Report Industry Investment Rating - The report suggests a mid - term bullish stance on the lithium carbonate industry [3] Group 2: Report's Core View - Terminal demand (energy storage + new energy vehicles) is in the peak season, material production is basically flat, the social inventory transfer chain is smooth. The environmental assessment of the Shixiawo mine is in progress, and the supply pressure is alleviated. Demand provides mid - term support for lithium carbonate prices [3] Group 3: Summary of Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 97,650 with a rise of 100; SMM industrial - grade lithium carbonate has an average price of 95,050 with a rise of 100 [1] Lithium Futures Contracts - The closing price of lithium carbonate 2601 is 109,720 with a daily gain of 3.92%; lithium carbonate 2602 is 109,740 with a 3.94% gain; lithium carbonate 2603 is 109,940 with a 3.66% gain; lithium carbonate 2604 is 111,180 with a 3.52% gain; lithium carbonate 2605 is 111,400 with a 3.86% gain [1] Lithium Ore - Lithium spodumene concentrate (CIF China) has an average price of 1,318 with a drop of 8; lithium mica (Li20: 1.5% - 2.0%) is 1,825, lithium mica (Li20: 2.0% - 2.5%) is 2,835 with a rise of 10; phospho - lithium - aluminum stone (Li20: 6% - 7%) is 10,425, phospho - lithium - aluminum stone (Li20: 7% - 8%) is 11,800 [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 40,285 with a rise of 25; ternary material 811 (polycrystalline/power type) is 163,400 with a rise of 100; ternary material 613 (single - crystal/power type) is 146,300 with a rise of 100 [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 2,600 with no change; the spread between battery - grade lithium carbonate and the main contract is - 13,750 with a decrease of 5,140; the spread between the near - month and the first - continuous contract is - 20 with an increase of 120; the spread between the near - month and the second - continuous contract is - 220 with an increase of 120 [2] Inventory - The total weekly inventory is 110,425 tons with a decrease of 1,044 tons, including 18,090 tons in smelters (a decrease of 1,071 tons), 41,485 tons in downstream (a decrease of 1,253 tons), and 50,850 tons in others (an increase of 1,280 tons). The daily registered warehouse receipts are 15,511 tons with a decrease of 17,447 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate is 103,940 with a profit of - 7,653; the cash cost of purchasing lithium mica concentrate is 100,023 with a profit of - 6,161 [3]

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） | 108,620.00 | +8020.00↑ 前20名净持仓（日，手） | -177,850.00 | -8717.00↓ | | 期货市场 | 主力合约持仓量（日，手） | 668,589.00 | +2562.00↑ 近远月合约价差（日，元/吨） | -1,400.00 | +80.00↑ | | | 广期所仓单（日，手/吨） | 15,636.00 | +350.00↑ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | 97,050.00 | +1200.00↑ 工业级碳酸锂平均价（日，万元/吨） | 94,450.00 | +1100.00↑ | | | Li₂CO₃主力合约基差（日，元/吨） | -11,570.00 | -6820.00↓ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | 1,230.00 | +20.00↑ 磷锂铝石平均价（日，元 ...

| | 锂云母 | 1680 | 15 | 电碳-工硕价差 元/吨 | 一 电池级碳酸锂-平均价 - 工业级碳酸锂-平均价 TIL / Hutt T. / Hrh | | --- | --- | --- | --- | --- | --- | | | (Li20:1.5%-2.0%) | | | | | | | 锂云母 (Li20:2.0%-2.5%) | 2605 | 15 | | 碳酸锂注册仓单(吨) | | | 磷锂铝石 (Li20:6%-7%) | 9175 | 11/5 | | | | | 磷锂铝石 (Li20:7%-8%) | 10450 | 175 | | | | | 正极材料 | 平均价 | | | | | | 磷酸铁锂(动力型) | 39520 | 240 | | | | | 三元材料811(多晶/动力型) | 162350 | 250 | | | | | 三元材料523(单晶/动力型) | 145550 | 400 | | | | | 三元材料613(单晶/动力型) | 145250 | 300 | | | | | 名称 | 现值 | 变化值 | | | | | 电碳-工碳 | 2500 ...

Report Industry Investment Rating - No information provided Core View of the Report - The terminal demand for lithium carbonate remains strong, but due to a large number of profit - taking positions accumulated from the previous sharp rise and the negative sentiment from overseas mines, there is short - term downward pressure on lithium carbonate prices, and the price may fluctuate widely after stabilizing [3] Summary by Relevant Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 93,300 yuan, up 500 yuan; SMM industrial - grade lithium carbonate has an average price of 90,850 yuan, up 450 yuan [1] Lithium Carbonate Futures Contracts - The closing prices and price changes of lithium carbonate futures contracts from 2512 to 2604 are provided, with price declines ranging from 1.41% to 1.9% [1] Lithium Ore - Lithium spodumene concentrate (CIF China) has an average price of 1126 yuan, up 13 yuan; lithium mica with different Li₂O contents (1.5% - 2.0%, 2.0% - 2.5%) and phospho - lithium - aluminum stone with different Li₂O contents (6% - 7%, 7% - 8%) also have their respective average prices and price changes [1][2] Cathode Materials - The average prices and price changes of cathode materials such as lithium iron phosphate (power type), ternary material 811 (polycrystalline/power type), ternary material 523 (single - crystal/power type), and ternary material 613 (single - crystal/power type) are provided [2] Price Spreads - The current values and change values of price spreads such as battery - grade lithium carbonate - industrial - grade lithium carbonate, battery - grade lithium carbonate - main contract, near - month - first - continuous, and near - month - second - continuous are provided [2] Inventory - The total inventory (weekly, tons), inventory of smelters (weekly, tons), downstream inventory (weekly, tons), other inventory (weekly, tons), and registered warehouse receipts (daily, tons) are provided, with corresponding changes [2] Profit Estimation - The cash costs and profits of purchasing lithium spodumene concentrate and lithium mica concentrate are estimated [3] Industry News - This week, lithium carbonate production decreased by 265 tons and inventory decreased by 2452 tons; the national new - type energy storage installed capacity exceeds 100 million kilowatts, 30 times that at the end of the "13th Five - Year Plan" [3]

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]

免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建 议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发， 需注明出处为瑞 达研究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 碳酸锂产业日报 2025/11/26 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价（日，元/吨） | 96,340.00 | +940.00↑ 前20名净持仓（日，手） | -165,500.00 | -2032.00↓ | | | 主力合约持仓量（日，手） | 478,054.00 | +134855.00↑ 近远月合约价差（日，元/吨） | -440.00 | -140.00↓ | | | 广期所仓单（日，手/吨） | 27,050.00 | ...

ITG国贸期货 投资咨询业务资格:证监许可【2012】31号 炭酸锂数据日报 白素娜 投资咨询号:Z0013700 从业资格号: F3023916 国贸期货研究院 2025/11/24 研究助理 陈宇森 从业资格号:F03123927 贵金属与新能源研究中心 据来源: SMM,公升新闻整理 平均价 100000 锂化合物 涨跌 SMM电池级碳酸锂 1000 92300 2500 80000 SMM工业级碳酸锂 89900 1000 2000 收盘价 期货合约 涨跌幅 60000 碳酸锂2512 90960 -8. 99% 91020 碳酸锂2601 -9% 40000 碳酸锂2602 -9% 91040 碳酸锂2603 91160 -8.99% 500 碳酸锂2604 91880 -8.99% 平均价 锂矿 锂辉石精矿(CIF中国) 1089 -28 = (120.5 5%-6%) | | 锂云母 (Li20:1.5%-2.0%) | 1615 | -95 | 电碳-工碳价差 元/吨 | 一 电池级碳酸锂-平均价 - 工业级碳酸锂-平均价 | | --- | --- | --- | --- | --- | - ...

1. Report Industry Investment Rating - No relevant information provided 2. Core View - The China Chemical and Physical Power Sources Industry Association will issue a notice on referring to the lithium iron phosphate cost index and standardizing industry development, suggesting that companies use the industry average cost range disclosed on November 18th as an important reference for pricing and not engage in low - price sales below cost. The association will disclose the industry average cost range monthly and requires companies to submit operating data regularly. This week, lithium carbonate production increased by 585 tons and inventory decreased by 2052 tons, with a narrowing de - stocking amplitude, and lithium carbonate may turn around in the short term [3] 3. Summary by Relevant Categories Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 91,300 yuan with an increase of 2,400 yuan; SMM industrial - grade lithium carbonate has an average price of 88,900 yuan with an increase of 2,400 yuan [1] Lithium Carbonate Futures Contracts - Carbonate lithium 2512 closed at 98,880 yuan with a 1.71% increase; carbonate lithium 2601 closed at 98,980 yuan with a 0.84% increase; carbonate lithium 2602 closed at 99,060 yuan with a 0.98% increase; carbonate lithium 2603 closed at 99,160 yuan with a 1.25% increase; carbonate lithium 2604 closed at 100,060 yuan with a 1.91% increase [1] Lithium Ore - Lithium spodumene concentrate (CIF China) has an average price of 1,117 yuan with an increase of 31 yuan; lithium mica (Li20: 1.5% - 2.0%) has an average price of 1,710 yuan with an increase of 85 yuan; lithium mica (Li20: 2.0% - 2.5%) has an average price of 2,700 yuan with an increase of 125 yuan; lithium aluminum phosphate (Li20: 6% - 7%) has an average price of 9,575 yuan with an increase of 675 yuan; lithium aluminum phosphate (Li20: 7% - 8%) has an average price of 11,075 yuan with an increase of 675 yuan [1][2] Cathode Materials - Lithium iron phosphate (power type) has an average price of 38,745 yuan with an increase of 580 yuan; ternary material 811 (polycrystalline/power type) has an average price of 161,550 yuan with an increase of 400 yuan; ternary material 523 (single - crystal/power type) has an average price of 143,750 yuan with an increase of 700 yuan; ternary material 613 (single - crystal/power type) has an average price of 144,050 yuan with an increase of 700 yuan [2] Price Spreads - The difference between battery - grade and industrial - grade lithium carbonate is 2,400 yuan; the difference between battery - grade lithium carbonate and the main contract is - 7,680 yuan with a change of 2,720 yuan; the difference between the near - month and the first continuous contract is - 100 yuan with a change of 140 yuan; the difference between the near - month and the second continuous contract is - 180 yuan with a change of 140 yuan [2] Inventory - The total weekly inventory is 118,420 tons with a decrease of 2,052 tons; the smelter weekly inventory is 26,104 tons with a decrease of 2,166 tons; the downstream weekly inventory is 44,436 tons with a decrease of 4,336 tons; the other weekly inventory is 47,880 tons with an increase of 4,450 tons; the daily registered warehouse receipts are 26,916 tons with an increase of 150 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 91,481 yuan, and the profit is - 1,451 yuan; the cash cost of purchasing lithium mica concentrate externally is 97,058 yuan, and the profit is - 9,277 yuan [3]