ASX 200 Outlook: Lithium, Gold & Energy Small Caps in Focus as Wall Street Rallies

June 24, 2025 03:37 PM AEST | By Team Kalkine Media

ASX 200 Outlook: Lithium, Gold & Energy Small Caps in Focus as Wall Street Rallies — Image source: shutterstock

Oil Slides as Market Reassesses Middle East Developments

Global oil prices dropped sharply after the weekend's limited developments in the Middle East. A missile strike by Iran on a US base was seen as measured, with no significant escalation or threat to global energy infrastructure emerging.

Brent and WTI crude benchmarks recorded sizeable losses, reflecting market relief over supply continuity through strategic shipping routes. The downturn in oil pricing has offset earlier inflationary concerns linked to commodity transport.

Lithium and Battery Sector Updates from ASX Small Caps

Among small caps, Sovereign Metals Ltd (ASX:SVM) provided new information from its conservation farming initiative at the Kasiya Rutile-Graphite Project in Malawi. The program supports the company’s broader environmental and social responsibility framework while advancing a key resource asset.

Firebird Metals Ltd (ASX:FRB) named a new board advisor with a global reputation in the battery supply chain sector. The appointment supports the company’s strategic alignment with long-term trends in the global battery materials ecosystem.

European Lithium Ltd (ASX:EUR) also reported a drilling contract secured through its US-listed partner, Critical Metals Corp (Nasdaq:CRML), for the Tanbreez Project in Greenland, indicating further project development momentum across international assets.

Gold-Focused Explorers Maintain Momentum in Western Australia

Nexus Minerals Ltd (ASX:NXM) concluded a drilling campaign at its Wallbrook Gold Project in Western Australia. The program aimed to further outline mineralisation and support ongoing exploration targeting near-surface gold systems.

Constellation Resources Ltd (ASX:CR1) shared findings from maiden soil sampling and diamond drilling at the Ularring Gold-Copper Project, where a new gold-copper anomaly has been identified. The company continues to map and assess structural zones within the project area to guide future exploration work.

Currency and Commodity Markets Reflect Cautious Optimism

Currency markets showed strength in the Australian dollar, euro and yen, supported by easing geopolitical tensions and renewed focus on macroeconomic indicators.

In commodities, gold edged higher on safe-haven demand, with industrial metals like aluminium and copper also advancing. Iron ore futures remained steady, signalling stability in steel-related raw materials as traders assessed near-term supply and demand dynamics.

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