The Core Lithium Ltd (ASX: CXO) share price has been on form on Friday.
In afternoon trade, the lithium developer’s shares are up 4% to $1.33.
Why is the Core Lithium share price rising?
The Core Lithium share price is pushing higher today despite there being no news out of the company.
However, it is worth noting that it isn’t the only lithium share on the rise today.
For example, the Liontown Resources Limited (ASX: LTR) share price is up 4%, the Pilbara Minerals Ltd (ASX: PLS) share price is up 4%, and Vulcan Energy Resources Ltd (ASX: VUL) share price is up almost 5%.
This follows even stronger gains from lithium giant’s Albermarle, Livent, and SQM on Wall Street overnight after risk sentiment improved greatly.
In addition, concerns that lithium supply won’t be able to keep up with demand has sparked hopes that lithium prices will remain higher for longer.
According to BloombergNEF, the world needs lithium supply to increase fivefold by the end of the decade to meet demand as the electric vehicle revolution gets into full swing.
This bodes well for Core Lithium, which is aiming to commence production at the Finniss Lithium Project by the end of the year.
The post Here’s why the Core Lithium share price is storming higher appeared first on The Motley Fool Australia.
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More reading
- Here are the top 10 ASX shares today
- Lighting up the market: ASX lithium stocks surge again on Tuesday
- Here’s why the Core Lithium share price is racing higher today
- Do any ASX lithium stocks pay dividends?
- Why Brambles, Core Lithium, Infomedia, and Qube shares are charging higher
Motley Fool contributor James Mickleboro 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 Scott Phillips.
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