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Highlights:
- Core Lithium shares began the week on a positive note today (June 27).
- The share price of Core Lithium gained over 5% at 10:09 AM AEST on ASX today.
- Steady demand for Lithium might have impacted Core Lithium’s share price on the ASX today.
The shares of Core Lithium Ltd (ASX:CXO) were spotted trading 5.464% higher at AU$0.965 per share at 10:09 AM AEST on ASX today (27 June).
The share price of Core Lithium has gained over 321% on the ASX over the past 12 months. On the other hand, Core Lithium’s year-to-date share price also gained almost by 54% (as of 10:09 AM AEST on the ASX today, 27 June).
Meanwhile, the S&P/ASX 200 Materials sector (ASX:XMJ) was spotted trading 1.35% higher at 15852.2 points at 10:27 AM AEST on ASX today (27 June).
Image Source © 2022 Kalkine Media ®
Why did Core Lithium shares open in green today?
The ASX-listed lithium miner did not share any price sensitive announcement on ASX today, which could justify its share price movement. However, the ASX 200 Materials sector is spotted performing well on the ASX today.
It seems that Core Lithium’s share price movement has been influenced by the performance of the ASX 200 Materials sector on ASX today.
It is to be noted that the share price of Core Lithium has been volatile over the past one month. Although the share price of CXO has gained significantly over the year but its prices have fallen over 25% on ASX in the past one month.
Core Lithium is an explorer, miner and producer of lithium and the price of the metal plays a major role in determining the future of the company and, its share price movement on the ASX.
Lithium prices have been a bit volatile in the past couple of months, as its demand began to decline due to COVID-19 lockdowns in some parts of China last month. However, the demand for lithium has jumped again as the COVID-19 lockdowns were lifted in Shanghai and other cities of China.
According to the Benchmark’s Lithium Price Assessment, the price of China battery grade Lithium carbonate prices has reached a new high of 47,500 yuan per tonne.
Core Lithium: Latest developments
Image source: © Bwylezich | Megapixl.com
Core Lithium is currently working on its Finniss Lithium Project in the Northern Territory and had shared a positive update from the same on 21 June 2022.
The company has affirmed that its target to ship the first spodumene concentrate by the end of CY 2022 stands true as it has completed the ramp-up of the Grants open pit, DMS facility, and crusher, followed by zero COVID-19 threats and weather-related challenges.
Core Lithium has accelerated the mining procedure at the Finniss Project with the commencement of the dry season and the dispatch of an additional excavator and truck on the site.
Read more: What’s with the Core Lithium (ASX:CXO) share price today?
