Lithium stocks dive as battery metal prices fall to two-year low

Allkem

13/11/2023 16:02

** Shares of lithium producing companies drop as battery
metal prices fall to two-year low
    ** Livent  LTHM.N  down 6.4%, Albermale  ALB.N  down 3.8%,
Piedmont Lithium down 2.6%  PLL.O  and Lithium Americas  LAC.N 
down 5.3% 
    ** U.S. lithium major Livent  LTHM.N  begins its campaign in
Australia, ahead of vote to decide approval of $10.6 bln merger
with Australia's Allkem  AKE.AX 
    ** Allkem domestic shares ended at about two-year low
earlier in the day
    ** "The market is worried about lower lithium prices,
sending producer shares down" -Morningstar analyst Seth
Goldstein
        ** Lithium prices have tumbled 71% so far this year,
based on spot lithium carbonate prices assessed by Fastmarkets
 MB-LI-0036  to 152,000 yuan ($20,848) a metric ton as of Nov.
9, the weakest since September 2021
  
    ** Meanwhile, U.S. energy major Exxon Mobil  XOM.N  said it
plans to start producing lithium by 2027 in Arkansas, amid
growing demand for the metal used in electric vehicle batteries


($1 = 7.2907 Chinese yuan renminbi)

 (Reporting by Pranav Kashyap in Bengaluru)