Shares of lithium miners fall on oversupply, weakened macro outlook

Piedmont Lithium

06/09/2024 16:09

** Shares of lithium producers and miners fall as prices of
lithium carbonate drop in China 
    ** The most-traded November lithium carbonate futures on the
Guangzhou Futures Exchange hit their lowest since it was
launched last July, which analysts attributed to worsened
macro-sentiment
    ** Additionally, Chinese state-backed research house Antaike
forecast a near 200,000 tons of lithium resources supply surplus
globally this year
    ** Albemarle  ALB.N  falls 4.7%, Lithium America  LAC.N 
falls 2.5%
    ** Global X Lithium & Battery Tech ETF  LIT.P  down 1.4%
    ** Piedmont Lithium  PLL.O  drops 8.6% after brokerage BMO
cuts PT to $15 from $8.5 after co said on Thurs it would be
pulling DOE loan application for Carolina mine project, which
the brokerage now removes from its model
    ** Arcadium Lithium  ALTM.N  down 6.5%; in the previous
session it announced it was transitioning its Mount Cattlin
lithium concentrate operation in Australia from production to
care and maintenance by mid-2025 due to low lithium prices 
    ** Morningstar analysts said they were expecting the move as
ALTM had flagged it as an option in Q2 earnings call; expects
company to remain profitable even at current prices due to
low-coast production at Argentina

 (Reporting by Seher Dareen in Bengaluru)
 ((Seher.Dareen@thomsonreuters.com))