Pilbara Minerals share price blasts 8% higher as lithium regains attention

It’s a good day to be invested in ASX lithium stocks.

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Key points

  • The Pilbara Minerals share price is surging 8% on Friday, trading at $2.38 
  • Its gains come amid an uptick in ASX lithium shares, with Liontown Resources leading the ASX 200 and Lake Resources coming in as the market's most traded 
  • Today's gains follow a period of notable volatility for ASX lithium shares

The Pilbara Minerals Ltd (ASX: PLS) share price is among the S&P/ASX 200 Index (ASX: XJO)’s top performers on Friday despite the company’s silence.

So, what might explain the lithium giant’s gains? Well, the market seems to have performed an about-face on the material, bidding many shares involved with the battery-making ingredient higher.

At the time of writing, the Pilbara Minerals share price is trading at $2.38, 8.18% higher than its previous close.

For context, the ASX 200 has gained 0.54% right now while the S&P/ASX 200 Materials Index (ASX: XMJ) is up 1.84%.

Let’s take a look at what’s going on with ASX lithium shares on Friday.

Pilbara Minerals lifts alongside peers

The Pilbara Minerals share price is launching upwards on Friday, as are many of its ASX lithium peers.

The stock is joined in the green by shares in Liontown Resources Limited (ASX: LTR). It’s currently the ASX 200’s third best performer, recording a gain of more than 8% right now.

Allkem Ltd (ASX: AKE), Lake Resources Ltd (ASX: LKE), and Mineral Resources Ltd (ASX: MIN) are also currently posting gains of 6.3%, 6.4%, and 5.4% respectively.

On top of that, Lake Resources is Friday’s most traded share, with around 22.7 million stocks in the company having swapped hands right now.

The Pilbara Mineral’s uptick follows a period of notable losses. ASX lithium shares suffered through a major sell-off event early last month and many haven’t quite recovered.

In fact, shares in Pilbara Minerals stock are trading 20% lower than at the end of May despite posting plenty of good news in June.

Pilbara Minerals share price snapshot

While the company’s stock is off to a strong start this month, it still has a long way to go before it reaches the year-to-date green.

The Pilbara Minerals share price has slumped nearly 33% since the start of 2022. However, it’s still trading 54% higher than it was this time last year.

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. has no position in any of the stocks mentioned. 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 Scott Phillips.

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