2025年11月21日锂市场日报

基础金属	铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁
稀有金属	稀土稀土矿稀土氧化物稀土金属钕铁硼稀散金属锑铋铟锗镓硒钽锆贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒
新能源	锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

基础金属

铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁

稀有金属

稀土稀土矿稀土氧化物稀土金属钕铁硼 稀散金属锑铋铟锗镓硒钽锆 贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒

新能源

锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰 锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

2025年11月21日锂市场日报

2025-11-21 17:11:51 来源：北方有色网责任编辑：郝炳文

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市场概况

2025年11月21日，碳酸锂期货市场经历显著调整，主力合约大幅下跌9%，报收91,020元/吨。此次回调发生在价格此前连续上涨并突破10万元/吨关口后，反映出市场情绪与资金面的快速转变。

价格变动分析

期货市场今日的下跌或与广州期货交易所近期出台的调控措施有关。广期所宣布自2025年11月24日交易时起，对碳酸锂期货实施交易限额。具体措施包括，非期货公司会员或者客户在碳酸锂期货LC2601合约上单日开仓量不得超过500手，在LC2602、LC2603、LC2604、LC2605合约上单日开仓量不得超过2000手。此举旨在抑制过度投机，给市场降温。

此前，碳酸锂期货市场资金博弈激烈，持仓总量创下上市以来新高。在交易所宣布调控措施后，市场情绪迅速逆转，今日出现大幅回调。类似的情况在过去的商品期货市场中亦有发生，例如在2025年7月，交易所出台限仓政策后，碳酸锂等品种随即出现跌停。

现货市场方面，电池级碳酸锂价格表现相对稳定，但下游企业对高位锂价的接受度普遍不高。现货市场成交较为清淡，多以刚需采购为主，期现市场出现明显背离。当前期货价格较现货价格从前期升水转为贴水，表明市场预期已发生变化。

从基本面看，碳酸锂市场并未发生显著变化。供应端，碳酸锂社会库存仍在持续去化。需求端，储能与动力电池需求保持增长。供需层面的变化不大。

近日碳酸锂价格的大幅波动，主要驱动力并非基本面因素，而是情绪与资金面的变化。前期价格的快速上涨，很大程度上源于资金基于对远端需求的乐观预期涌入期货市场，推高了期价。当交易所出台限制措施后，投机情绪降温，资金迅速撤离，导致价格大幅回调。

历史经验表明，当期货市场成交持仓比指标显著上升，显示投机度增加时，容易引发交易所的调控。在当前情况下，交易所的干预有效抑制了非理性炒作，引导市场回归理性。

后市展望

短期来看，碳酸锂价格预计将延续高位震荡格局。投资者需密切关注资金情绪变化。当前市场多空分歧较大，若情绪进一步逆转，可能引发更剧烈的平仓踩踏。

长期而言，碳酸锂价格最终将回归基本面。在供需并未出现严重短缺的背景下，由情绪和资金驱动的价格剧烈波动难以持续，市场终将寻求新的平衡。

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