Lithium stocks surge on signs of strong pricesAlex GluyasShare postLithium stocks are rallying following an update from producer Allkem on Friday, which said that strong market conditions were continuing to affect the price received for the battery material.Allkem said the June quarter average price received for lithium carbonate was expected to be about $US35,000 per tonne, including free on board (FOB) on sales of approximately 3500 tonnes. The preliminary March quarter sale price was about $US27,236 per tonne FOB, 9 per cent higher than the company’s previous guidance.Similarly strong conditions in the spodumene market are also supporting discussions for spodumene concentrate pricing in the June quarter of about $US5000 per tonne on sales of about 50,000 tonnes.March quarter sales of spodumene concentrate were completed at a price of about $US2,218 per dry metric tonne, which includes tonnes that were delayed from the December quarter.Shares in Allkem surged 8.4 per cent to $12.39, Pilbara Minerals jumped 8.4 per cent to $3.47, Novonix added 5.2 per cent to $6.52, Liontown Resources advanced 4.3 per cent to $1.96 and AVZ Minerals climbed 4.2 per cent to $1.28.
LPI Price at posting:
90.5¢ Sentiment: Buy Disclosure: Held
