[SMM Analysis] LCO: Upstream Cost Drives Minor Adjustments, Downstream Restocking Remains Cautious and Wait-and-See

After the holiday, LCO market prices remained basically stable. Influenced by the continuous rise in upstream lithium carbonate prices, quotes saw minor follow-on adjustments, with overall fluctuations limited in range. Demand side, battery cell manufacturers continued to digest raw material inventory, and willingness to restock improved somewhat, but actual procurement remained cautious. Most market participants held a wait-and-see sentiment, with transactions mainly focused on executing previously established orders. LCO prices are expected to continue consolidating within a stable range in the short term, with subsequent focus needed on changes in downstream enterprise orders and restocking pace.