Its pretty close to a fall. Chart is very parabolic and peeps are sitting on almost 3 bags in the space of 8 weeks. PLenty will sell, especially those who are technical analysts.
The last time PLS was at that peak price in Dec 2017, Li Carbonate was $850 /t. Today it is $232/t due to oversupply. A4N, AJM, TAW etc down the toilet, and many others like 4CE CXO FFX etc ex Li producers having turned to gold or other minerals instead.
The shipping Ann Jan 6th has a record 71K dry metric tonnes (dmt) of spodumene concentrate shipped
during December Quarter 2020, exceeding previous record: of 47 dmt.. Thats a 51% increase, but a 51% increase on Revenue at a spod price of $232 gives an equivalence of $350/t, which still falls 59% short of the peak $850/t achieved in Dec 2018. So roughly, 59% of 1.13, ie 67c is more fair market value, assuming they hold up those shipping tonnages.
Whatever the fundamentals, peaks like that dont hold up; they always fall. Its just a matter of when the game of musical chairs ends. Dont fight for positions.
Bit of fun ... What drop will we see on Monday, page-27
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Last
$3.02 |
Change
0.080(2.72%) |
Mkt cap ! $9.090B | |||
| Open | High | Low | Value | Volume |
| $3.01 | $3.04 | $2.96 | $59.25M | 19.70M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 7 | 40915 | $3.01 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $3.02 | 318781 | 14 |
View Market Depth
| Last trade - 16.10pm 11/07/2024 (20 minute delay) ? |
| PLS (ASX) Chart |