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Why is it such a mixed day of trade for ASX lithium stocks?

Here's what's going on with lithium stocks today.

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Brooke Cooper
Brooke has been a Motley Fool contributor since early 2021. She holds a Bachelor of Communication with specialisations in journalism and international studies from Charles Sturt University. Brooke aims to inform and excite Aussies keen to grow their wealth by investing in ASX companies. When not writing or researching, you'll likely find Brooke gallivanting around South East Queensland.
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Key points
  • ASX lithium shares are seemingly trading independently of each other today, with some recording gains and others plunging lower
  • There's no clear reason behind the random performances on Thursday
  • However, the white metal has made headlines recently, including reports claiming industry participants are hopeful Tesla could be looking to acquire a lithium producer

ASX lithium stocks are staging various performances on Thursday, with some smashing the market and others struggling to stay afloat.

The diverse set of movements come as the S&P/ASX 200 Index (ASX: XJO) records a slight gain of 0.3% and the S&P/ASX Materials Index (ASX: XMJ) slumps 1.3%.

And while there's not much news to explain what's going on with ASX lithium stocks today, there are plenty of international happenings regarding the battery-making metal.

Let's take a look at what's going on with ASX lithium stocks on Thursday.

Man looks confused as he works at his laptop. watching the Magnis share price movements

Image source: Getty Images

What's going on with ASX lithium stocks today?

It's a strange day for ASX lithium stocks.

Right now, the Mineral Resources Limited (ASX: MIN) share price is rising 1.6%. Meanwhile, stock in Pilbara Minerals Ltd (ASX: PLS) is up 0.18%, and the Piedmont Lithium Inc (ASX: PLL) share price is 0.25% in the green.

Others, like Allkem Ltd (ASX: AKE) and Liontown Resources Limited (ASX: LTR), are trading in line with their sector. They've fallen 1.2% and 1.7% respectively.

However, others lithium stocks are tumbling. Right now, the share price of Core Lithium Ltd (ASX: CXO) is slumping 5.4%. That of AVZ Minerals Ltd (ASX: AVZ) is also down, having fallen 5.5%.

Why is lithium in the headlines?

The battery making ingredient has been in the news this week on anticipation Tesla Inc (NASDAQ: TSLA) could be looking to acquire a lithium producer.

Tesla co-founder and CEO, Elon Musk, tweeted earlier this month the company might need to source its own lithium if the price of the commodity doesn't ease.

That's sparked hopes the company could be looking to looking for a lithium producer to acquire, Reuters reported yesterday.

In other lithium news, Mexico's Senate has passed legislation to nationalise the mineral's extraction, reports the Associated Press. That means the only entity able to produce lithium in the nation will be a not-yet-created state-owned mining company.

Additionally, lithium carbonate prices in China have eased in recent days after exploding earlier in the year.

The international news may not be behind any ASX lithium stocks' movements today. However, it might be bolstering interest in the sector.

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns and has recommended Tesla. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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