Up 297% in a year, what’s happening with Core Lithium (ASX:CXO) shares lately?

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Image Source: © Radius06 | Megapixl.com

Highlights:

  • Core Lithium share price has shot up by 1,093% in five years.
  • On Thursday, CXO shares closed 3% lower, inline with the ASX200 Materials index price movement.
  • The broader sector pertaining to metals and mining, the materials sector registered considerable losses on the ASX today.

The share price of Core Lithium Ltd (ASX:CXO) has gained 297.92% in one year and surged by 51.59% in last six months alone. In last five years, the share price has skyrocketed by a whopping 1,093.75%.

Today (30 June 2022), the stock has closed 3.045% lower at AU$0.955 apiece on the ASX.

Meanwhile, the benchmark index, ASX200 Materials (XMJ) too posted losses. The index closed 1.9% lower at 15,832.200. The S&P/ASX200 has closed sharply lower on Thursday, shedding 1.97% to 6,568.10.

Core Lithium is lithium, uranium and copper explorer and developer. The company boasts of being well-placed to become a major lithium producer in the country. Currently. CXO is engaged in developing the Finning Lithium Project.

Why is Core Lithium shares down today?

The ASX-listed mineral firm did not have anything to share on the ASX today. It is likely that Core Lithium performance on the ASX, was driven by the benchmark index price movement.

The peers of Core Lithium were also in red today. Sayona Mining Limited (ASX:SYA) closed 6.250% lower, and Allkem Limited (ASX:AKE) dropped by over 2%. 

Shares of Core Lithium shed 13.96% in last one month as the company shared the Finniss Project development update via ASX announcement. It stated that though mining has advanced with the onset of dry season and engaging additional excavator and trucks to site, early-stage mining at Grants open pit was affected by higher rainfall and increase in fuel consumption.

Image source: © Bwylezich | Megapixl.com

Moreover, the prices of lithium and other metals like copper and uranium have played a significant role in driving the share price movement of Core Lithium.

Talking about lithium, the metal was quite volatile in its price during the month of June. Lately, the demand and supply for lithium was affected after easing off of some Covid-19 induced restrictions in China. According to a media source, the demand has rebounded as the relaxation in restrictions has motivated electric vehicle makers across the globe.

For context, on 29 June 2022, lithium was priced at 477,500 yuan/tonne.

Next in line, copper, dropped by 0.45% to US$3.762 per tonne (as of 30 June 2022). In a month, the copper price has fallen by over 12%.


 


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