https://thewest.com.au/business/lit...red-on-rumours-of-chinese-cutbacks--c-8862637
Hard-running lithium stocks hammered on rumours of Chinese cutbacks
Sean SmithThe West Australian
Tue, 15 November 2022 1:06PM
Pilbara Minerals’ . Pilgangoora lithium project in north-west WA. Credit: Carla Gottgens/Bloomberg
Leading lithium stocks have given up some of this year’s bumper gains, falling up to 13 per cent in a trading rout on Tuesday.
There is uncertainty around the trigger for the sharp retreat, with the stocks having posted big gains along with other miners on Monday on news that China was relaxing its tight virus controls.
However, the mood is thought to have been influenced by rumours of production cutbacks at a major Chinese producer of cathodes. Credit Suisse analyst Saul Kavonic linked a sharp fall in Chinese lithium futures to “speculation in China that a major cathode producer might have slashed production targets and some Chinese firms forecasting softening in the market late in 2023”.
WA market darling Pilbara Minerals gave up as much as 13 per cent before retreating to be 9 per cent lower at $4.805 just before the close of the Australian share market Allkem was off 12 per cent at $14.27, while IGO was down 8 per cent at $15.255.
Liontown Resources and Lake Resources had each surrendered 7 per cent to $2.035 and $1.09, respectively. Mineral Resources was off 5 per cent to $79.97.
Lithium prices have hit record highs this year on growing demand for the battery metal from auto makers turning out electric vehicles.
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