AGY 0.00% 3.5¢ argosy minerals limited

From Market Index tonight. ASX 200 dips on banks, tech, as cash...

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    From Market Index tonight.

    ASX 200 dips on banks, tech, as cash floods back to resources. Plus: It's a lithium miracle!

    The S&P/ASX 200 closed 24.0. points lower, down 0.30%.

    Do you believe in miracles? I would have said prior to today that's exactly what it would take to arrest the nearly 2-year long withering slide in the ASX lithium sector.Today's 10-15% gains almost across the boardin that sector might feel like a miracle to many a long suffering Aussie lithium investor.

    The reason? A major Chinese battery manufacturer (CATL)has decided to suspend operations at two of its mainland lepidolite mines. Lepidolite is the low grade alternative to the higher grade spodumene mined many Australian producers, and it is widely blamed for much of the supply that has flooded the lithium minerals market, severely depressing prices.

    The benchmark lithium carbonate futures contract on the GFEX exchange in China popped nearly 9% on the news today. But some might question,if prices go back up again, won't that mean CATL with just restart production?

    These are questions far to vague and significant for us to answer here, but the charts may tell the story -I have detailed technical analysis on those lithium carbonate futures in today'sChartWatch.

 
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