仓单持续增加，碳酸锂盘面破位下跌

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The lithium carbonate market is currently in a state of supply surplus, with prices under pressure. Despite some production cuts by lithium salt enterprises, the reduction is insufficient to change the oversupply situation. With continuous increases in warehouse receipts, weak macro - sentiment, and a weak fundamental outlook, lithium prices are likely to remain weak [3]. 3. Summary by Related Catalogs Market Analysis - Futures Market: On April 22, 2025, the main lithium carbonate contract 2505 opened at 68,500 yuan/ton and closed at 67,840 yuan/ton, down 1.73% from the previous settlement price. The trading volume was 155,736 lots, and the open interest was 205,447 lots, an increase of 24,033 lots from the previous day. The total open interest of all contracts was 369,384 lots, a decrease of 3,011 lots. The total trading volume decreased by 53,459 lots, and the overall speculation degree was 0.58. The lithium carbonate warehouse receipts were 31,385 lots, an increase of 940 lots from the previous day [2]. - Spot Market: On April 22, 2025, the price of battery - grade lithium carbonate was 68,750 - 72,050 yuan/ton, down 4,500 yuan/ton from the previous day, and the price of industrial - grade lithium carbonate was 68,150 - 69,150 yuan/ton, also down 4,500 yuan/ton. Some lithium salt enterprises have carried out maintenance or production cuts, but the production reduction is less than expected, and the production is still at a high level. The downstream procurement willingness has not significantly increased, and the market transaction is mainly for rigid demand. The import volume remains high, the total inventory pressure is large, and new warehouse receipts are registered in large numbers [3]. Strategy - Unilateral: Sell on rallies for hedging [4]. - Options: Sell out - of - the - money call options or use bear spread options [4].