ASX lithium shares, especially towards the more speculative end of town continue to make headway as spot prices continue to mark fresh all-time highs.
Lithium heavyweights Orocobre Limited (ASX: ORE) and Pilbara Minerals Ltd (ASX: PLS) are up today 0.88% and up 1.41% respectively.
Owner of the “globally significant” Kathleen Valley Lithium Project Liontown Resources Limited (ASX: LTR), is posting strong gains on Thursday and was up 5.63% to record highs of $1.69 earlier. It has since retraced and is now trading for $1.66, up 3.44%.
Emerging clean lithium producer, Lake Resources N.L. (ASX: LKE) is up 7.89% to 82 cents. This comes after an extraordinary 18.75% jump on Wednesday.
Arizona Lithium Ltd (ASX: AZL), previously known as Hawkstone Mining Limited (ASX: HWK), is a speculative lithium explorer that’s up 4.76% to 6.6 cents. Its shares have boomed 57% in the last seven trading days.
Despite most ASX lithium shares posting modest gains in the past few weeks, there are some losers today including Core Lithium Ltd (ASX: CXO), as well as Charger Metals NL (CHR), down 2.48% and 2.33% respectively.
Lithium marks another record high
Domestic Chinese lithium carbonate and hydroxide prices lifted to another all-time high on 20 October, according to S&P Global.
Battery-grade lithium carbonate prices stood at 195,000 yuan (~US$3,050) per metric tonne (mt) while battery-grade lithium hydroxide was fetching 190,000 yuan (~US$2,970).
Lithium carbonate prices have lifted another 5,000 yuan/mt since their previous record high of 190,000 yuan/mt on 15 October.
“The [spodumene] auction next week is sending some nervous energy in the market,” a Chinese lithium dealer said. “People are desperate to secure materials in the market today before prices shoots up again.”
S&P flagged concerns from some market sources that said that lithium price gains were “unsustainable” after surging from multi-year lows to all-time highs in less than 12-months.
Nevertheless, the surge in lithium demand and prices spells good news for ASX lithium shares.
The post ASX lithium shares higher as spot prices mark new all-time high appeared first on The Motley Fool Australia.
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Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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