The Pilbara Minerals Ltd (ASX: PLS) share price is launching higher today despite the companyâs silence.
Itâs only the second session for the entire month of June so far in which the lithium producer has posted a gain. In fact, itâs currently 27% lower than it was at the end of May.
At the time of writing, the Pilbara Minerals share price is $2.16, 5.37% higher than its previous close. Earlier, it hit an intraday high of $2.21, a gain of 7.8%.
For context, the S&P/ASX 200 Index (ASX: XJO) is up 0.49% right now.
Letâs take a closer look at what might be going on with the ASX lithium share on Thursday.
What’s happening with the Pilbara Minerals share price?
Stock in Pilbara Minerals is regaining some of the ground lost during its disastrous start to the month.
Itâs doing so alongside its home sector â the S&P/ASX 200 Materials Index (ASX: XMJ). Right now, the sector is the ASX 200âs fourth best performer, gaining 0.97%.
And ASX lithium shares are helping to boost it higher. The materials sector is currently being led by Pilbara Minerals’ stock, with that of Liontown Resources Limited (ASX: LTR) coming in a close second. Itâs up 4.93%.
Gold explorer and producer Ramelius Resources Limited (ASX: RMS) rounds out the sectorâs top three performers. Itâs gaining 4.15% right now.
Pilbara Mineralsâ recent suffering follows from an ASX lithium sell-off event earlier this month, largely brought about by bearish sentiment on lithium from Goldman Sachs.
But, as my colleague Brendon Lau recently reported, the future could be brighter for Pilbara Minerals than the broker seemingly expects.
Despite such positivity, the Pilbara Minerals share price is still trading 38% lower than it was at the start of 2022. Though, it is swapping hands for 60% more than it was this time last year.
The post Why is the Pilbara Minerals share price surging 5% on Thursday? appeared first on The Motley Fool Australia.
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More reading
- Here are the 3 most traded ASX 200 shares on Wednesday
- Here are the 3 most traded ASX 200 shares on Tuesday
- Why is the Pilbara Minerals share price down 6% on Tuesday?
- Which ASX lithium shares are producing and which are not?
- Here are the 3 most traded ASX 200 shares on Friday
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs. 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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