Hi, I’m … Holly, Welcome to this edition of the Hot Performer show. In today’s episode
we’ll be throwing some light on Why Core Lithium shares are trading in green today.
Core Lithium is an explorer, miner and producer of lithium and diversified metals projects in world
class mining provinces. Its share price movement is affected by the price of metal on the ASX.
Lithium prices have been a bit volatile in the past couple of months, as its demand began to
decline due to COVID-19 lockdowns in some parts of China last month. However, the demand for lithium
has jumped again as the COVID-19 lockdowns were lifted in Shanghai and other cities of China.
According to the Benchmark’s Lithium Price Assessment, the price of China battery grade
Lithium carbonate prices has reached a new high of 47,500 yuan per tonne.
The ASX-listed lithium miner did not share any price sensitive announcement on ASX
today. However, the ASX 200 Materials sector is spotted performing well on the ASX today.
It seems that Core Lithium’s share price movement
has been influenced by the performance of the ASX 200 Materials sector on ASX today.
Meanwhile, the S&P/ASX 200 Materials sector gained the spot for the top
performing sector as it gained 2.62 percent in the afternoon session on the ASX.
It is to be noted that the share price of Core Lithium has been volatile over the past
one month. Although the share price of CXO has gained significantly over the
year but its prices have fallen over 25 percent on ASX in the past one month.
Core Lithium is currently working on its Finniss Lithium Project in the Northern Territory
and had shared a positive update from the same on 21 June 2022.
The company has affirmed that its target to ship the first spodumene concentrate by the
end of 2022 stands true as it has completed the ramp-up of the Grants open pit, DMS facility.
Core Lithium has accelerated the mining procedure at the Finniss Project with the
commencement of the dry season and the dispatch of an additional excavator and truck on the site.
The shares of Core Lithium Ltd were trading 5.464 percent higher in the opening session of ASX.
The share price of Core Lithium has gained over 347 percent on the ASX over the past 12 months.
On the other hand, Core Lithium’s year-to-date share price also gained almost by 63 percent.
During the afternoon session Core Lithium shares reached new gains as it was trading up
by 12.57 percent. Over the last six months Core Lithium shares have risen over 77.59 percent.
To sum it up, On the S&P/ASX 200 today, lithium stocks are among the top performers
as they continue to rebound from this month's sell-off. Newcomers to the index,
who saw a sharp decline in their debut week on the market, take the lead in the gains.
Lithium stocks such as. Lake Resources is up 8.1 percent. Liontown Resources increased by 7.4
percent, Allkem by 6.1 percent, and Pilbara Minerals by 4.5 percent.
Demand of lithium has been increasing over the last couple of years and it’ll be interesting
to see how this demand affects the share prices of lithium producing companies.
Well, that’s all for now from this edition of the Hot Performer show meanwhile keep watching Kalkine
TV for the latest on market and business news.