Today, SMM battery-grade lithium carbonate spot prices continued to edge up slightly from the previous trading day. The lithium carbonate 2701 contract opened higher today at 132,500 yuan/mt. After the open, bears briefly held the advantage, and prices consolidated lower, hitting a low of 130,200 yuan/mt. Subsequently, bargain hunting emerged at lows, and prices gradually rebounded. Around midday, bulls concentrated their efforts, and prices shot up rapidly to the day's high of 135,300 yuan/mt. In the afternoon, prices consolidated at highs, fluctuating repeatedly around 134,000 yuan/mt. Near the close, prices pulled back slightly, ultimately closing up 2.53% at 134,400 yuan/mt. Open interest was basically flat (up slightly by 84 lots).
In the spot market, downstream buyers continued to purchase as needed at lows, but as prices drifted higher, buying enthusiasm turned more cautious. Upstream lithium chemical plants maintained their stance of holding prices firm and holding back from selling for spot orders. Overall, both market inquiries and actual transaction pace slowed down. On the news and sentiment front, the continued destocking of warrants, combined with confidence in short-term demand resilience, shifted sentiment from earlier pessimism to a slightly more positive tone, driving prices to drift higher.
