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LiCarbonate Daily - July 2

iconJul 2, 2024 16:42
On July 2, lithium carbonate futures rose 0.80% to 94,050 yuan/ton (~12,954.55 USD/ton). The battery-grade index increased to 90,643 yuan/ton (~12,485.26 USD/ton).

Market Summary: On July 2, the lithium carbonate market saw a slight increase, with the main 2411 futures contract rising by 0.80%. The futures opened at 95,400 yuan per ton and closed at 94,050 yuan per ton. The trading volume was 140,825 contracts, and open interest increased by 5,512 contracts to 166,674.

Spot Market Overview:

Battery-Grade Lithium Carbonate:

SMM index: 90,643 yuan per ton (~12,507.24 USD/ton), up by 93 yuan from the previous day.

Price range: 88,000 - 93,400 yuan per ton, with an average price of 90,700 yuan per ton (~12,516.55 USD/ton), unchanged from the previous day.

Industrial-Grade Lithium Carbonate:

Price range: 84,500 - 87,200 yuan per ton, with an average price of 85,900 yuan per ton (~11,847.59 USD/ton), unchanged from the previous day.

Market Dynamics:

Futures Performance: The main 2411 futures contract opened at 95,400 yuan per ton and fluctuated around the daily average, ultimately closing up by 0.80%.

Spot Market Activity: The spot market sentiment improved slightly, but transaction activity remained relatively light. Some upstream lithium salt producers maintained firm pricing attitudes, with a few raising quotes in line with futures prices. Trade companies also showed more active quoting behavior compared to previous periods. Some downstream buyers reported not seeing low-price spot offers today, while most buyers remained cautious and refrained from large-scale purchases. Cathode manufacturers mainly relied on long-term agreements and customer-supplied materials for July deliveries. Overall, market prices remained stable due to limited transaction activity and unchanged transaction ranges.

Looking Forward:

Production and Sales:

Upstream producers are maintaining firm pricing strategies, with some adjusting quotes based on futures market trends.

Purchasing Behavior:

Downstream buyers are cautious, focusing on long-term agreements and customer-supplied materials. Limited demand is expected to keep the market stable in the near term.

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Market review
Macro economy
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Energy Storage
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Lithium Prices

For queries, please contact Michael Jiang at michaeljiang@smm.cn

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