Why Lithium Stocks Are Rocking Today
Lithium prices are in a funk. Since topping out near $84,000 per ton back in late 2022, the price of lithium carbonate has plunged 88% to just over $10,000 a ton today, according to Trading Economics data.
That's not great news for lithium mining stocks like Chile's Sociedad Quimica Y Minera de Chile (NYSE: SQM), Ireland's Arcadium Lithium (NYSE: ALTM), or Brazil's Sigma Lithium (NASDAQ: SGML). But here's something that is good news: According to Mining.com today, the world's largest manufacturer of lithium batteries for electric vehicles, China's CATL, may be getting ready to mothball one of its lithium mines and shut down a lithium carbonate production line.
Lithium stock prices are responding positively to the news. As of 10 a.m. ET, SQM shares are rising 10.2%, Arcadium stock is up 10.9%, and Sigma Lithium is doing best of all -- a 15% gain.
Source Fool.com
