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

June 30, 2022 05:24 PM AEST | By Sonal Goyal

Up 297% in a year, what’s happening with Core Lithium (ASX:CXO) shares lately? — Image source: © Radius06 | Megapixl.com

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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