The Lake Resources N.L. (ASX: LKE) share price has extended its gains at midday on Wednesday.
At the time of writing, the Lake share price is trading 6.86% higher at $1.33, down off its intraday high of $1.35 early in the session.
What’s pushing Lake Resources shares higher today?
While there’s been no market-sensitive information released by the company today, investors continue to rally the Lake Resources share price.
This extends gains to almost 85% over the past month of trade for the lithium miner, after reaching six-month lows of 60 cents on 15 July.
The price of lithium is also a weighting factor, as prices for the battery metal still command a premium and are up more than 406% year on year.
Demand for the metal surged in recent weeks following the reopening of Shanghai in China following weeks of lockdowns.
The reopening saw a 129% and 63% annual and monthly increase in electric vehicle sales demand during June.
In addition, metals and mining shares have caught a bid since rolling into the new financial year.
The benchmark S&P/ASX 300 Metals and Mining Index (ASX: XMM) has gained more than 6% this past month.
This momentum has no doubt spilled over onto the Lake Resources share price, as seen in the chart below, along with the price of lithium for the past 12 months.
The post Up 85% in a month, Lake Resources share price extends gains on Wednesday appeared first on The Motley Fool Australia.
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More reading
- Here are the top 10 ASX 200 shares today
- Why Coronado Global, Lake, Megaport, and REA shares are storming higher
- Here are the 3 most heavily traded ASX 200 shares on Tuesday
- Could this development further energise ASX lithium shares in FY23?
- Why is the Lake Resources share price powering up 17% today?
Motley Fool contributor Zach Bristow 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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