Why are these ASX lithium miners powering up today?

These ASX lithium shares are surging amid a much-relieved rebound across the Aussie stock market on Tuesday.

At the time of writing, the S&P/ASX 200 Index (ASX: XJO) is up 0.26% after recording heavy falls the day before.

The benchmark index tanked 1.6% yesterday which brought its losses to over 5% in a week.

This came on the back of the US Fed’s latest rate hike as well as concerns about a looming recession by next year.

Nonetheless, investor excitement surrounding the lithium revolution is driving these ASX shares back deep in the green.

Let’s take a look at which are some of the best performers on the market today.

How are these ASX lithium shares faring today?

The Argosy Minerals Ltd (ASX: AGY) share price is rocketing by 8.08% to 53.5 cents despite no company news.

The emerging lithium carbonate miner has been busy completing the construction of its Rincon Lithium Project in Argentina.

It is expected that production will commence in the next quarter.

In addition, the Pilbara Minerals Ltd (ASX: PLS) share price is cracking 6.46% higher to $4.695 following yesterday’s 9% decline.

The lithium producer recently released the results of its BMX auction which attracted strong interest from a broad range of buyers.

Pilbara Minerals intends to accept the highest bid of US$6,988 per dry metric tonne (dmt) for a cargo load of 5,000 dmt.

Lastly, the Sayona Mining Ltd (ASX: SYA) share price is also pushing upwards on its project news.

The lithium explorer’s shares are up 3.18% to 22.7 cents but rode as high as 24 cents during midday trade.

Also providing support to the ASX lithium miners is the uptick in the prices for lithium carbonate.

According to Trading Economics, the battery making ingredient is fetching at 501,500 Chinese yuan (US$70,000).

This is near its all-time high of 504,000 Chinese yuan (US$70,400 per tonne).

When looking at year-on-year, lithium prices are up almost 200%.

The post Why are these ASX lithium miners powering up today? appeared first on The Motley Fool Australia.

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More reading

• Why Brainchip, New Hope, Sayona Mining, and Talga are pushing higher
• Sayona Mining share price leaps 7% on lithium project news
• Pilbara Minerals share price up 5%: Can this lithium share keep rising?
• 3 ASX lithium shares that dropped by 12% or more on Monday
• Exploding 30% in a month, is it too late to buy Pilbara Minerals shares?

Motley Fool contributor Aaron Teboneras has positions in Argosy Minerals Limited and Pilbara Minerals Limited. 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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