3 ASX lithium shares smashing new, all-time highs on Monday

ASX lithium shares continue to draw massive investor interest.

Just how much interest?

Well, Pilbara Minerals Ltd (ASX: PLS), as one example, has seen trades worth more than $110 million go through today already, just halfway through the lunch hour.

With more buyers than sellers, that trading action puts the Pilbara Minerals share price back into new all-time high territory, even as the All Ordinaries Index (ASX: XAO) dips into the red.

Pilbara shares closed on Friday trading for $4.59 and are currently fetching $4.81 apiece, up 4.8%. That takes out the previous all-time (closing) high of $4.74, which the miner hit on 13 September last week.

With today’s gains factored in, the Pilbara Minerals share price is up a stellar 134% over the past 12 months.

And Pilbara is just one of three ASX lithium shares notching new record highs today.

Also hitting intraday record highs today

Iris Metals Ltd (ASX: IR1) shares are also at new all-time highs in mid-day trading.

The ASX lithium share closed Friday at $2.12 and is currently trading for $2.38, up 12.3%. Iris hit a fresh record only two trading days ago, closing for $2.17 per share on 15 September. Investors with the foresight to buy shares this time last year will now be sitting on eye-popping gains of 1,020%.

And the third ASX lithium share which, briefly, shot into new record high territory today is Global Lithium Resources Ltd (ASX: GL1).

Global Lithium closed on Friday trading for $2.78. Investors bid the Global Lithium share price up to $2.94 in the first hour of trade, taking out the previous closing high of $2.93 set on 15 September.

However, the tide turned for this ASX lithium share in later trade, and it’s since fallen to $2.69. Don’t feel too bad for long-term shareholders though. The Global Lithium share price is still up 587% over the last 12 months.

What’s driving investor interest in ASX lithium shares?

None of the three companies mentioned above has released any price-sensitive information today.

And the lithium price, while still trading right near its own record highs, also hasn’t shot higher.

So, today’s investor interest in ASX lithium shares is likely driven by the strong, long-term outlook for lithium prices. Atop some bargain hunting following Friday’s broad sell-off.

Lithium is a key element in the batteries that power electric vehicles (EVs). And with the global EV market growing fast, and forecast to continue booming amid the global push to decarbonise, demand for the lightweight, conductive metal is likely to remain robust.

The post 3 ASX lithium shares smashing new, all-time highs on Monday appeared first on The Motley Fool Australia.

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More reading

• Can the Pilbara Minerals share price continue stretching higher?
• ASX lithium mania: Is the ‘incredible amount of interest’ sustainable?
• Here are the 3 most heavily traded ASX 200 shares on Friday
• ASX lithium shares take a beating on Friday
• Why is the Pilbara Minerals share price in reverse today?

Motley Fool contributor Bernd Struben 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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