The S&P/ASX 200 Index (ASX: XJO) is having a rough start to the week, but shares involved with one particular material are defying its downturn – lithium.
ASX lithium stocks are leading the index on Monday. Here's how some of the market's favourites are tracking:
- The Liontown Resources Limited (ASX: LTR) share price is leading the way, gaining 5.81%
- Core Lithium Ltd (ASX: CXO) is next best, lifting 5.41%
- Lake Resources NL (ASX: LKE) stock has gained 2.26%
- Shares in Sayona Mining Ltd (ASX: SYA) are also up 0.91%
- The Pilbara Minerals Ltd (ASX: PLS) share price, meanwhile, has risen 0.85%
For comparison, the ASX 200 has tumbled 1.45% at the time of writing while the S&P/ASX 200 Materials Index (ASX: XJO) – home to the market's biggest lithium shares – has fallen 2.38%.
So, what might be driving ASX 200 lithium shares higher on Monday? Let's take a look.
Image source: Getty Images
What's going right for ASX 200 lithium shares?
All eyes are on the market's biggest lithium names on Monday as they defy a broader market downturn despite next to no news being released.
However, the value of the battery-making material is said to have hit a new record high.
Chinese lithium prices hit $117,125.64 per tonne today, The Australian reports.
The new peak comes amid rising demand for electric vehicles, driving the call for the lithium needed to make them. Of course, higher lithium prices are generally good news for lithium producers' bottom lines.
It's also worth noting it hasn't been total silence among ASX 200 lithium shares today.
Core Lithium announced its managing director Stephen Biggins' immediate resignation this morning. Biggins previously planned to stick out the year at the company.
Additionally, not all ASX 200 lithium shares are in the green right now.
The Allkem Ltd (ASX: AKE) share price is down 1.51% at the time of writing.
Meanwhile, those of IGO Ltd (ASX: IGO) and Mineral Resources Limited (ASX: MIN) have fallen 2.15% and 3.13% respectively.
