3 ASX 200 mining shares that smashed all-time highs on Tuesday

Lithium remains a key theme.

| More on:
three people wearing athletic numbers and outfits jump over hurdles on a running track.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points

  • ASX 200 mining shares continue to rally in the second half of 2022 
  • Lithium carbonate remains a key theme with the battery metal touching all-time highs again today 
  • These 3 shares nudged past 52-week highs today 

The commodity trade of 2022 continued on Tuesday with several ASX 200 mining shares clipping their 52-week gains in today's trading.

Lithium was the flavour of the day with the battery metal advancing back to its record highs, levels not seen since March of this year. Let's take a closer look.

Pilbara Minerals Ltd (ASX: PLS)

Shares of Pilbara Minerals shot to intraday highs of $4.79 by midday today and then levelled off to finish trading at $4.74 apiece.

The share has caught a strong bid lately and set a number of new highs to its latest destination in today's session.

Brokers like it too, with analysts at Macquarie recently prescribing a $5.60 price target on the lithium share.

This is backed by a strong outlook for the price of lithium, which Barrenjoey Markets has tipped to gain around another 80% over the coming 2 years.

Pilbara shares are up 115% in the last 12 months of trade.

Mineral Resources Limited (ASX: MIN)

Shares of Mineral Resources shot to 52-week highs today despite no market-sensitive news from the miner. After reaching a high of $75.65, it finished the day trading at $73.80.

Noteworthy however is a broker note from UBS projecting tremendous upside for the share should its rumoured demerger plans go ahead.

As we noted earlier today, the broker assigned "a price target of $83 was provided along with a rating of buy".

After whipsawing from December to July, Mineral Resources shares finally broke out to the upside on 18 August and surpassed a key resistance level it had faced 3 times before that.

It now trades at its highest level in more than 5 years and shows no signs of slowing down at this pace.

Allkem Ltd (ASX: AKE)

Allkem also shot to its 52-week high today, clipping the $16 per share mark before settling back down to $15.99 at market close.

The $10.20 billion company by market capitalisation also caught a bid today following a bullish broker note from Bell Potter.

Analysts at the firm have reassigned their buy rating on the share and value it at $20.04 apiece, implying around a 25% potential upside at the current price.

Chief to the broker's thesis is its forecasts on the price of lithium. It believes the market will continue rallying the battery metal into the coming years as well.

With that, Allkem extended its gains out to 54% for the year to date today and 74% for the last 12 months.

Motley Fool contributor Zach Bristow 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.

More on Resources Shares

a sad looking engineer or miner wearing a high visibility jacket and a hard hat stands alone with his head bowed and hand to his forehead as he speaks on a mobile telephone out front of what appears to be an on site work shed.
Resources Shares

Down 14% in 2024, why is the BHP share price sliding again today?

ASX 200 investors are bidding down the BHP share price on Wednesday.

Read more »

A mining employee in a white hard hat cheers with fists pumped as the Hot Chili share price rises higher today
Resources Shares

These ASX 200 mining stocks could rise 40% to 50%

Analysts think these miners are dirt cheap at current levels.

Read more »

Image from either construction, mining or the oil industry of a friendly worker.
Resources Shares

Fortescue share price leaps 5% as electric machinery makes a milestone

Fortescue is charging ahead with its electric mining ambitions.

Read more »

rising mining asx share price represented by happy woman miner in hard hat
Resources Shares

Why the BHP share price crushed the benchmark this week

BHP shareholders enjoyed a rewarding week.

Read more »

A man wearing a hard hat and high visibility vest looks out over a vast plain where heavy mining equipment can be seen in the background.
Dividend Investing

Here is the profit forecast to 2026 for BHP shares

Let’s unearth how much profit this miner could make.

Read more »

Female miner standing next to a haul truck in a large mining operation.
Resources Shares

Is the worst of the selling now over for ASX iron ore shares?

ASX iron ore giants like BHP, Rio Tinto and Fortescue rebounded this week after falling hard in 2024.

Read more »

Three satisfied miners with their arms crossed looking at the camera proudly
Resources Shares

Why are ASX 200 mining shares smashing the benchmark on Wednesday?

Rio Tinto, BHP and Fortescue shares are all charging higher today.

Read more »

Two miners standing together.
Resources Shares

Why is the South32 share price getting battered today?

ASX 200 investors are bidding down South32 shares today.

Read more »