Why Shares of Top Lithium Supplier Albemarle Fell 13% in April
Shares of top lithium and base materials producer Albemarle (NYSE: ALB) fell 12.8% last month, according to data provided by S&P Global Market Intelligence. For comparison, the S&P 500 fell 8.8% during the month as stocks retreated due to fears of inflation and the Federal Reserve's coming interest rate hikes.
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Albemarle is a top producer of lithium and other base materials used in lithium-ion batteries and other electronics. Lithium prices have been soaring in recent years as the global automotive industry makes the switch to electric vehicles. Batteries are, of course, already commonplace in a myriad of other tech devices, but are also being applied in new areas like the energy grid to help manage renewable energy projects and make the overall distribution of power more efficient.
Source Fool.com
