LCE Price movement happening now
-----Chinese lithium carbonate futures rallied 9.2% on Thursday to 119,200 yuan a tonne, supported by ongoing production cuts and environmental inspects in Jiangxi. Prices have now rallied almost 22% in the last five sessions.
Here are some important things to note as we head into Friday's session:
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Timing: Chinese lithium futures were up around 4.3% when the ASX closed and continued to rally through to their market close
Peers: China and US-listed peers rallied pretty strongly, including Ganfeng (+7.0% and up 26.7% since 5 Feb), Albemarle (+4.3% and up 26.7% since 5 Feb) and SQM (+8.0% and up 26.3% since 5 Feb)
Shorters: Lithium stocks are heavily shorted. Some of the most shorted names as of 23 February include Pilbara Minerals (21.24%), Core Lithium (11.66%), Sayona (8.64%) and Liontown Resources (7.56%)
ETFs: The VanEck Rare Earth/Strategic Metals ETF (+3.54%) and Global X Lithium & Battery Tech ETF (+3.58%) were among the best performing ETFs in our above watchlist. The Rare Earth/Strategic Metals ETF has been in a rather persistent downtrend for around 8 months. Let' see if it can buck that trend over the coming days.
So do shorts hold? 20% shorted capital against a company with 2b balance sheet, 55% EBIT margin.
shorters going to feel the pain.
Well done aus super for going against the trend, and those that bought low.
Good News & Bad News, page-39622
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