Why are ASX lithium shares leaping ahead today?

We check what's happening with lithium shares to start the trading week.

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Key points

  • Lithium shares in the green today include Core Lithium and Pilbara Minerals 
  • This follows US lithium shares rising overnight 
  • However, lithium carbonate and lithium hydroxide prices have fallen again

ASX lithium shares are having a top run on the market today.

Lithium shares in the green include:

For perspective, the S&P/ASX 200 Index (ASX: XJO) is rising 1.27% today.

Let's take a look at why ASX lithium shares are leaping higher today.

What's going on?

ASX lithium shares appear to be following in the footsteps of their United States peers overnight.

The share price of New York Stock Exchange lithium giant Albemarle Corporation (NYSE: ALB) jumped 2.64% in the US overnight, while Livent Corp (NYSE: LTHM) shares rose 4.22%. Sociedad Quimica y Minera de Chile (NYSE: SQM) shares climbed 1.06%.

This was despite the lithium price sliding again. The Lithium Carbonate Index (battery grade) fell 3.04% to US$31,924.16 on the Shanghai Metals Market, while the Lithium Hydroxide Index (battery grade) fell 3.1% to US$43,538.22.

Lithium hydroxide has also fallen 3.01% on the London Metal Exchange to US$58,100.

Saxo Markets Australia market analyst Jessica Amir, quoted by The Australian yesterday, is positive on lithium long term but noted the sector is a "highly volatile space". She said:

Investors are thinking the reporting season in August might be ugly compared to what it has been.

However, we are bullish long term on lithium.

Share price snapshot

The Core Lithium share price has fallen 31% in the last year, while Pilbara shares have gained 20%.

Allkem shares have slid 15%, while Lake Resources shares have descended nearly 77% in the last 12 months.

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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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