Core Lithium (ASX:CXO) shares trading in green today, here’s why

July 25, 2022 07:15 PM PDT | By Ritwika

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Core Lithium (ASX:CXO) shares trading in green today, here’s why — Image source: Image source: © Malpetr | Megapixl.com

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Highlights:

Core Lithium shares have performed well on ASX in the last one year.

The rising demand for lithium worldwide has impacted the price of the precious metal.

The S&P/ASX 200 Materials sector was trading in green today at 11:01 AM AEST.

Australian lithium producer Core Lithium Ltd (ASX:CXO) shares were spotted trading in green on Tuesday (July 26) after gaining 1.913%. The share price of Core Lithium stood at AU$1.065 per share at 10:21 AM AEST on ASX today.

Core Lithium's share price has appreciated around 50% in the last six months. Core Lithium's share price has risen by 280.36% in the previous 12 months.

What is driving Core Lithium's share price on ASX?

Lithium is widely used in battery-making industries, as well as telecommunication industries. The demand for lithium is rising as it is used in making batteries for electronic vehicles. The demand for lithium would keep on increasing as the production of lithium batteries for EVs is set to rise in the future.

Recently, Lithium Carbonates have also been found extremely useful by the healthcare sector as it acts as a mood stabiliser and can be used to produce anti-depressants.

The price of lithium directly impacts the share price of Core Lithium and the rising demand for lithium is an important factor why Core Lithium shares are faring well on the ASX.

Image source: © Design56 | Megapixl.com

Other than lithium, Core Lithium is also a copper and uranium miner and any change in the prices of copper and uranium also impact the company's share price on the ASX.

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