Lithium stocks on the ASX should benefit from top broker Macquarie’s updated forecast for lithium prices last week.
Macquarie expects spodumene prices to peak at US$4,900 per tonne (during the September quarter).
A month ago, another broker Goldman Sachs predicted a “sharp correction” in lithium prices as overstock was on the horizon, sending ASX lithium stock prices plummeting.
After the new prediction, the ASX 200 Materials Index rose. However, the index was down 1.47% today at 16,150.70 points at 2:26 p.m. AEST today (June 29). The ASX 200 index was down 1.07% at 6,691.30 points at 2:27 p.m. AEST.
In this article, we will discuss the ASX-listed lithium stocks with the highest market capitalization and their performance year-to-date.
Image source: © 2022 Kalkine Media ®
Data source – ASX website dated June 29, 2022
Pilbara Minerals Ltd
Pilbara Minerals (ASX:PLS) was founded in 2005 and manages mineral resources. Pilbara is headquartered in West Perth, Western Australia.
Shares of Pilbara Minerals were trading at AU$2.36 each, down 1.26% on the ASX today at 2:33 p.m. AEST. The company has a current market capitalization of A$7.11 billion. Pilbara Minerals has recorded negative growth of more than 26% since the beginning of the year.
Allkem (ASX:AKE), based in Argentina, is a mining exploration and production company. The company was created in 2021 following the merger of Galaxy Resources and Orocobre. It mainly focuses on the exploration of lithium and potash.
Allkem’s market capitalization is A$6.86 billion.
On Wednesday, Allkem shares were spotted at AU$10.70 each, down 0.56% on the ASX at 2:37 p.m. AEST. The company’s stock price fell almost 3% on a YTD basis.
Source: ©Scanrail | Megapixl.com
Core Lithium Ltd
Core Lithium (ASX:CXO), an Australian company, specializes in mining exploration. The Company’s main focus areas include the Finniss Lithium Project and other prospects in the Northern Territory (NT) and South Australia.
Shares of Core Lithium (market cap: A$1.80 billion) were trading at A$0.99 apiece on Wednesday, down 4.09% on the ASX at 2:40 p.m. AEST.
Shares of the company are up around 70% on a YTD basis.
Sayona Mining Ltd
Sayona Mining Ltd (ASX: SYA) specializes in mining exploration and focuses on locating, purchasing and analyzing mining exploration assets, particularly lithium.
On Wednesday, June 29, 2022, shares of Sayona were trading at AU$0.16 each, down 8.57% on the ASX at 2:45 p.m. AEST. The company’s m-cap is A$1.44 billion.
Shares of Sayona are up around 23% on a YTD basis.