Lithium carbonate warehouse receipts hit a record high, approaching 56,000 units, the 2609 contract plummeted by 3.9%, with concentrated release of cancellation pressure.
- According to a research report by Jinrui Futures on June 2, the Lithium Carbonate 2609 contract price closed down 3.91% to 172,980 yuan/ton, with open interest decreasing by 1,440 contracts for the day.
- On June 2, the number of Lithium Carbonate warehouse receipts was 55,990, an increase of 775 from the previous trading day, marking a new historical high in warehouse receipts. At the same time, a large number of receipts are still pending storage, making hidden inventory visible.
- As the end of July — the concentrated cancellation deadline for Lithium Carbonate warehouse receipts — approaches, the market has begun to trade on the pressure from warehouse receipts, resulting in a significant decline in market prices today.
- On the fundamentals side, destocking for June is expected to remain at the 4,000 to 5,000 ton level. There is uncertainty regarding the resumption of production at Jiansiawo in the third quarter; if production resumes, inventories are likely to move toward balance in Q3. The fourth quarter may see demand-driven releases, which could bring about a new round of destocking performance.
- Looking ahead, in the short term, the market is focused on the pressure from warehouse receipt cancellations, but fundamentals still provide strong support for prices. Buying interest at lower levels remains acceptable, and medium- to long-term investors can pay attention to opportunities for building long positions at low levels.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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