[SMM Analysis] LCO Prices Remain Stable, December Production Declines  

Last week, LCO prices remained stable, with the latest prices for 4.2V/4.4V/4.5V LCO at 134,000/138,000/150,000 yuan/mt, unchanged from previous week. On the raw material side, prices of battery-grade lithium carbonate and Co3O4 showed no significant changes last week, keeping LCO costs stable with relatively small market price fluctuations. Supply side, December LCO production declined, mainly due to a slowdown in year-end stockpiling by enterprises, while downstream companies mostly purchased as needed, leading to weakened demand. LCO prices are expected to follow a trend of slight decline in the future.