Australian lithium stocks drop after Morgan Stanley price warning

Lake Resources NL

13/10/2022 01:56

** Shares of Australian lithium companies decline after a
downbeat research note from Morgan Stanley
    ** MS says September export data from lithium miner Sociedad
Quimica y Minera de Chile  SQMA.SN  suggests volumes and export
prices to China are falling 
    ** Says the warning is just a "yellow flag" at this point as
September data could have been impacted by a particular shipment
    ** MS expects lithium market to remain tight through 2022,
and anticipates prices to trend lower in 2023
    ** Pilbara Minerals  PLS.AX  drops as much as 6.6% to A$4.83
in its biggest intraday pct fall since Sept. 26
    ** Allkem  AKE.AX  and Sayona Mining  SYA.AX  down 3.6% and
2.2%, respectively
    ** Core Lithium  CXO.AX  falls most in a week, while Lake
Resources  LKE.AX  skids 2.5%
    ** U.S.- and Canada-listed lithium producers fell overnight
    ** Lithium stocks have rallied this year, as demand for
electric vehicles remains strong
 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))