Six ASX lithium shares have reset their 52-week highs on Friday amid commodity values continuing to strengthen.
The Pilbara Minerals Ltd (ASX: PLS) share price lifted 1.9% to a new 52-week high of $3.85 today.
The IGO Ltd (ASX: IGO) share price rose 3% to a new 52-week high of $6.92.
Liontown Resources Ltd (ASX: LTR) shares ascended 3.5% to a 52-week high of $1.50.
The Core Lithium Ltd (ASX: CXO) share price climbed 15.8% to a 52-week high of 22 cents.
Lake Resources NL (ASX: LKE) shares rose 7.8% to a 52-week high of 5.5 cents.
Galan Lithium Ltd (ASX: GLN) shares increased 5.3% to a 52-week high of 20 cents.
The ASX lithium shares are rising due to higher lithium prices, fueled by improving global demand for batteries and power infrastructure.
Let's find out more.
Lithium prices rise on renewed demand for batteries
The Spodumene Concentrate Index (CIF China) Price rose 1.73% overnight to US$1,001 per tonne, up about 21% over the past month.
The Battery-Grade Lithium Hydroxide price rose 0.26% overnight to US$9,453.92 per tonne, up about 4.2% over the past month.
The lithium carbonate price increased to a three-month high of US$11,859 per tonne, up 1.3% overnight and up 16% over the past month.
That's the highest lithium carbonate price since it cracked a new 52-week high above US$12,000 per tonne in late August.
Analysts at Trading Economics explained the increase in lithium prices:
China signaled its latest support to the electric vehicle industry and lithium-rich energy storage systems with compensation mechanisms for power storage infrastructure, doubling EV charging capacity to 180 gigawatts by 2027.
Also, output of new energy vehicles in China rose by 33.1% in the first ten months of the year, with October sales reflecting 51.6% of the market share, the first majority for new energy vehicles on record.
What else is happening with these ASX lithium shares?
Core Lithium held its annual general meeting this morning, where chair Greg English said:
… there have been some recent signs of improvement in sentiment towards lithium which we would like to see continue.
The junior producer also released a revised restart plan and ore reserve estimate for Grants at its flagship Finniss Project this week.
English added:
Delivery of the Restart Study outcomes will make Finniss more insulated from the lithium price cycle.
Liontown Resources announced it has partnered with Metalshub to launch its first spodumene concentrate auction.
The move will streamline and digitalise spot sales of spodumene concentrate from its Kathleen Valley Project to global customers.
Bell Potter reaffirmed its buy rating on Liontown shares following the announcement and raised its 12-month price target from $1.30 to $1.52.
Lake Resources gave a presentation at the Noosa Mining Investor Conference this week.
The company said:
Lithium demand [is] expected to double between 2025 and 2035, driven by continued strong EV demand in Asia and Europe, Middle East BESS boom and additional policy actions.
Pilbara Minerals and IGO had no news updates for investors this week.
Bell Potter has a sell rating on Pilbara Minerals with a $2.65 price target, and a hold rating on IGO shares.
Christopher Watt from Bell Potter commented on IGO shares:
Guidance moving forward is cautious, and full integration of recent acquisitions is pending. While the theme appeals, the earnings outlook needs more clarity to warrant a re-rating.
Galan Lithium also delivered a presentation at the Noosa Mining Investor Conference.
