ASX lithium shares higher as spot prices mark new all-time high

Lithium prices are going parabolic amid soaring demand for electric vehicles and renewables technologies.

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ASX lithium shares, especially towards the more speculative end of town continue to make headway as spot prices continue to mark fresh all-time highs.

Lithium heavyweights Orocobre Limited (ASX: ORE) and Pilbara Minerals Ltd (ASX: PLS) are up today 0.88% and up 1.41% respectively.

Owner of the “globally significant” Kathleen Valley Lithium Project Liontown Resources Limited (ASX: LTR), is posting strong gains on Thursday and was up 5.63% to record highs of $1.69 earlier. It has since retraced and is now trading for $1.66, up 3.44%.

Emerging clean lithium producer, Lake Resources N.L. (ASX: LKE) is up 7.89% to 82 cents. This comes after an extraordinary 18.75% jump on Wednesday.

Arizona Lithium Ltd (ASX: AZL), previously known as Hawkstone Mining Limited (ASX: HWK), is a speculative lithium explorer that’s up 4.76% to 6.6 cents. Its shares have boomed 57% in the last seven trading days.

Despite most ASX lithium shares posting modest gains in the past few weeks, there are some losers today including Core Lithium Ltd (ASX: CXO), as well as Charger Metals NL (CHR), down 2.48% and 2.33% respectively.

Lithium marks another record high

Domestic Chinese lithium carbonate and hydroxide prices lifted to another all-time high on 20 October, according to S&P Global.

Battery-grade lithium carbonate prices stood at 195,000 yuan (~US$3,050) per metric tonne (mt) while battery-grade lithium hydroxide was fetching 190,000 yuan (~US$2,970).

Lithium carbonate prices have lifted another 5,000 yuan/mt since their previous record high of 190,000 yuan/mt on 15 October.

“The [spodumene] auction next week is sending some nervous energy in the market,” a Chinese lithium dealer said. “People are desperate to secure materials in the market today before prices shoots up again.”

S&P flagged concerns from some market sources that said that lithium price gains were “unsustainable” after surging from multi-year lows to all-time highs in less than 12-months.

Nevertheless, the surge in lithium demand and prices spells good news for ASX lithium shares.

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