Lithium ETF Rises 1% as Chinese Spot Price Slips | Lithium, Oct 9
The lithium fund LIT rose 1.03% on 9 October, but miners Albemarle and SQM fell as Chinese spot lithium carbonate slipped 2.08%. The post Lithium ETF Rises 1% as Chinese Spot Price Slips | Lithium, Oct 9 appeared first on The Rio Times .
Lithium shares experienced a rise of 1.03% on Friday, October 9th, bringing the price of the LIT fund to US$69.73. However, this growth was not shared by the major producers of lithium, such as Albemarle and SQM, which both declined in value. The raw material's price weakened, as evidenced by the Shanghai Metals Market reporting a 2.08% drop in the average price of battery-grade lithium carbonate to 122,350 yuan per tonne, down 2.08%.
This decline came after the holiday season, indicating cautious buyer behavior. Chile and Argentina, two key producers of lithium, faced reduced export revenue due to the lower spot price. The difference in performance between the fund and the miners suggests that investors are favoring battery makers over the miners that supply them with lithium.
The LIT fund has shown resilience, closing at US$69.73, up 1.03%, with a weekly gain of 0.65%. Albemarle, the largest US producer, closed at US$101.27, down 0.81%, while SQM, the lithium champion from Chile, closed at US$63.91, down 0.95%.
Written by urgent.news from The Rio Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.