ASX 200 lithium stocks are outperforming the benchmark index today but have retreated slightly from earlier highs.
Lithium shares in the green today include:
- Allkem Ltd (ASX: AKE) shares are up 2.88% this afternoon to $12.84 a share. In intraday trade, the Allkem share price hit as high as $12.88.
- Pilbara Minerals Ltd (ASX: PLS) shares are rising 1.52% to $4.67. In morning trade, Pilbara shares lifted 3% to $4.74 apiece.
- Core Lithium Ltd (ASX: CXO) shares are even at the time of writing. In earlier trade, Core Lithium shares rose 3.3% to $1.065 a share.
- Mineral Resources Ltd (ASX: MIN) shares are climbing 2.77% to $73.39 a share. In early afternoon trade, Mineral Resources shares hit a high of $73.63 each.
- Sayona Mining Ltd (ASX: SYA) shares are steady at 20 cents each. However, in earlier trade, Sayona shares jumped 2.5%.
In contrast, the S&P/ASX 200 Index (ASX: XJO) is down 0.18% at the time of writing.
Let’s take a look at what is going on with these ASX 200 lithium stocks.
What’s happening?
ASX 200 lithium shares jumped out of the blocks today. They appeared to follow in the footsteps of major lithium players in the United States overnight.
The Livent Corp (NYSE: LTHM) share price climbed 3.1%, while Albemarle Corporation (NYSE: ALB) shares rose 3.44%. Sociedad Quimica y Minera de Chile (NYSE: SQM) shares jumped 1.92%.
The lithium carbonate (99.5% battery grade) price has risen 5.26% to US$27,434.84 on the Shanghai Metals Market. Lithium hydroxide (56.5% battery grade) has also lifted 1.33% to US$27,434.84.
In other big news, Tesla CEO Elon Musk has announced a new Texas lithium refinery.
This will produce enough battery-grade lithium for one million electric vehicles (EV) by 2025.
Musk joined Texas Governor Greg Abbott at the site of the new lithium refinery on Monday, US time, CNBC reported. Tesla is set to invest $375 million to build the refinery, the publication noted.
Meanwhile, Core Lithium has received a “market weight” rating from the team at Wilsons, The Australian reported today. This is the equivalent to a neutral rating.
Morgan Stanley strategists believe lithium markets could be “at a turning point“, as my Foolish colleague Sebastian noted yesterday. Analysts said:
China carbonate prices have bounced 30 per cent from their lows, and hydroxide prices have rebounded by 20 per cent.
Share price snapshot
The Allkem share price has lifted 13% in the last year and nearly 14% year to date.
Pilbara shares have soared 82% in the last year and nearly 25% year to date.
Core Lithium shares have slid nearly 10% in a year but are up nearly 1% year to date.
Mineral Resources shares have soared 37% in the last year but slid 5% year to date.
Finally, Sayona Mining shares have shed nearly 24% in a year but climbed 7% year to date.
The post What’s with ASX 200 lithium stocks today? appeared first on The Motley Fool Australia.
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More reading
- Down 25% in a year, why this fundie thinks you should buy Sayona Mining shares now
- ‘Buying opportunity’: 2 ASX 200 mining shares ripe to snap up now
- How big will the Pilbara Minerals dividend be next year?
- Here are the top 10 ASX 200 shares today Â
- Here are the 3 most heavily traded ASX 200 shares on Monday
Motley Fool contributor Monica O’Shea 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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