On November 21, 2025, most domestic futures contracts closed lower. Lithium carbonate futures hit the daily limit-down with a 9% decline, while silver (SHFE), red dates, and the containerized freight index (European route) dropped over 3%. Low-sulfur fuel oil (LU) and industrial silicon fell nearly 3%. On the upside, starch, corn, and rapeseed meal rose more than 1%.
**Key Developments in the Lithium Carbonate Market:** - **November 20**: The Guangzhou Futures Exchange (GFEX) announced adjustments to trading fees for lithium carbonate futures. Starting November 24, the transaction fee for the LC2601 contract will be set at 0.032% of the trade value, with intraday closing fees also adjusted to 0.032%. Position limits were imposed: 500 lots/day for LC2601 and 2,000 lots/day for LC2602–LC2605 contracts. - **November 20**: Customs data showed China imported 23,881 tons of lithium carbonate in October, up 22% month-on-month (MoM) and 3% year-on-year (YoY). Chile supplied 14,800 tons (62% of total imports), while Argentina contributed 7,274 tons (30%). Exports rose 63% MoM to 246 tons but fell 18% YoY. - **November 19**: Jinyuan Group confirmed its salt lake lithium extraction project remains in trial production, with no official pricing yet. - **November 18**: GFEX reduced LC2601 contract fees to 0.012% of trade value, effective November 20. - **November 17**: SMM reported October lithium carbonate demand at 126,961 tons, up 44.3% MoM. September exports fell 218.09 tons to 150.82 tons. - **November 12**: An assessment valued undisposed lithium resources in the Jianxiawo mining area at CNY 246.6 million, with a benchmark mining right price of CNY 69.3 million. - **November 7**: China suspended certain export control measures, including those for rare earths, lithium batteries, and artificial graphite anode materials. - **November 6**: A mining rights assessment report for the Zhenkouli-Jianxiawo lithium deposit (Jiangxi) was released. - **November 5**: Salt Lake Co. disclosed plans to produce 43,000 tons of lithium carbonate in 2025, with a 40,000-ton project launched in September to support capacity expansion.
**Institutional Outlook:** 1. **Zhonghui Futures**: Market focus remains on strong energy storage demand, overshadowing supply resumption risks. Short-term lithium carbonate prices may stay resilient unless December production schedules weaken. 2. **Chuangyuan Futures**: Price volatility persists amid improving fundamentals and uncertainty around Ningde mine restarts. Exchange fee hikes and position limits raise squeeze risks. 3. **Huntong Futures**: High open interest in lithium carbonate contracts heightens squeeze potential. A sustained price rally hinges on robust EV demand or inventory drawdowns; reversals require demand slowdowns or supply surplus confirmation.
