ASX lithium stocks such as Core Lithium Ltd (ASX: CXO) and Allkem Ltd (ASX: AKE) are outperforming the major ASX resources shares today following multiple commodity price falls overnight.
The Core Lithium share price is down 2.11% to 93 cents. The Allkem share price is down 4.3% to $9.57.
In comparison, the Rio Tinto Limited (ASX: RIO) share price is crumbling 5.83%, Fortescue Metals Group Limited (ASX: FMG) shares have dipped 4.97%, and BHP Group Ltd (ASX: BHP) shares are down 4.8%.
The Newcrest Mining Ltd (ASX: NCM) share price is falling 6.1%, and South32 Ltd (ASX: S32) shares are down 7.79%.
Looking more broadly, the S&P/ASX 200 Resources Index (ASX: XJR) is down 5.02% at the time of writing.
All of these price movements are likely tied to a price lashing for various commodities overnight.
Commodities dip but ASX lithium stocks hold up best
According to Trading Economics commodities data, the iron ore price rose by 0.88% overnight but is down 8.03% over the past week. The iron ore (62% Fe) price slipped 0.73% overnight and is down by 13.26% over the week.
The steel price finished flat overnight and is down 4.87% over the week. The hot-rolled coil (HRC) steel price is down 0.97% overnight and 18.21% over the past week.
South32 has significant exposure to alumina and aluminium, which might explain why its share price is falling most among this particular bunch of ASX resource shares. The aluminium price slipped 3.57% overnight and is down 4.62% for the week.
Commodities that are currently trading include copper, which is down 0.28% at the time of writing. The copper price has fallen 8.75% over the week. The gold price is up slightly by 0.4% but down 2.6% for the week. The silver price is up 0.27% today but down 6.96% over the week.
Meantime, the lithium carbonate price finished the session flat overnight. And over the past week, it’s down just a little — by 0.42%. (Fun fact: It’s up a whopping 434% year over year.)
The relative stability of the lithium price is likely supporting ASX lithium stocks today.
The post ASX lithium stocks avoid share price shock amid commodities lashing appeared first on The Motley Fool Australia.
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More reading
- Why are ASX 200 gold shares falling today?
- ASX 200 midday update: BHP and Fortescue sink, EML and ZIP jump
- South32 share price heads 8% south on high volumes, but why?
- Why is the Fortescue share price slipping 5% today?
- 5 things to watch on the ASX 200 on Wednesday
Motley Fool contributor Bronwyn Allen has positions in Allkem Limited, BHP Billiton Limited, and Fortescue Metals Group 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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