Although the market as a whole has sunk into the red today, one group of shares has fallen more than most – the lithium miners.
Here's that state of play in the industry at the moment:
The Galaxy Resources Limited (ASX: GXY) share price has fallen 4% to $3.67. This is despite the company upgrading its mineral resource estimate for its James Bay asset yesterday.
The Kidman Resources Ltd (ASX: KDR) share price is down 2% to $1.62. Last week Kidman advised that drilling at its Earl Grey deposit revealed high-grade intercepts ahead of its mineral resource upgrade.
The Lepidico Ltd (ASX: LPD) share price has tumbled almost 5% to 6.2 cents. Investors may be taking profit amid general weakness in the lithium industry this week. Lepidico's shares have doubled in value since this time last month.
The Orocobre Ltd (ASX: ORE) share price is down over 4% to $5.92. On Monday Orecobre provided the market with positive early results from its drilling in Jujuy Province, Argentina. The results, however, haven't been enough to stop investors from taking profit this week.
The Pilbara Minerals Ltd (ASX: PLS) share price is down 1.5% to $1.00. There hasn't been any material news out of the company since it revealed preliminary discussions with Polaris Shipping and LG Chem in relation to a potential joint venture for a downstream lithium chemical conversion facility servicing South Korea's rapidly growing lithium-ion battery industry.
What next?
After their stellar runs I can't say I'm surprised to see traders taking profit today. I would class almost all of these shares as holds now and would only consider snapping up shares if there was a sizeable pull-back in their respective share prices.
