[SMM Analysis] LCO: Prices Held Steady with Minor Adjustments, Awaiting Demand Signals

LCO market prices were largely stable this week. Influenced by the narrow-range sideways movement of upstream lithium carbonate prices, LCO quotes saw minor follow-on adjustments, with overall fluctuations remaining limited. Demand side, battery cell manufacturers continued to draw down raw material inventory, and willingness to restock increased somewhat, though actual procurement remained cautious. Most market participants adopted a wait-and-see stance, with transactions mainly concentrated on orders on hand executed according to established plans. LCO prices are expected to continue consolidating within a stable range in the short term, and close attention should be paid to changes in orders from downstream enterprises and their restocking pace going forward.