Australian shares are set to fall, in line with New York as investors lost hope for a rate pivot. $A sinks. Goldman bets on China equities.
The world’s No. 2 lithium producer, SQM, said it expects prices for the battery material to stay high into 2023, remarks that may allay fears over a possible cooling-off of China’s two-year buying frenzy.
After reporting that sales more than quadrupled in the third quarter from a year ago on the back of surging lithium prices, the Santiago-based company signalled continued optimism. Global lithium demand will expand 40 per cent this year, it said in the results’ statement. “On top of the strong demand growth, similar to what we have seen in the past, new lithium supply outside of SQM has been delayed and slow to come online,” it said. That will keep the market tight and means “this high-priced environment could continue for the remainder of 2022 and into 2023″.
The Chinese electric vehicle market shows strong growth, buttressing solid demand for lithium, a key ingredient in EV batteries, according to chief executive officer Ricardo Ramos Rodriguez. “Demand has good momentum, and we’re not seeing strong impact from subsidies ending,” he said during an earnings call with analysts.
Lithium has more than tripled in price over the past year, and it’s rallied more than 1200 per cent since 2020. The extraordinary surge has been driven by tight supplies for electric-vehicle manufacturers, one of the bright spots in China’s struggling economy, but cracks in near-term consumption may now be starting to surface.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ASX LIVE: New Perpetual-Pendal offer, ASX halts CHESS switch, jobs data aheadPerpetual, Pendal flag new merger deal. RBA, ASIC want CHESS ‘brought back on track’. ASX faces $245m to $255m 1H23 charge. October jobs data 11.30am AEDT. Follow latest here.
Read more »
Why this Australian star wept during the New Zealand national anthemThere are a lot of ways to face a haka, and Jillaroos prop Kennedy Cherrington knew that better than most as she wiped the tears from her eyes and stared New Zealand down.
Read more »
Ten years after the Butt Fumble, the New York Jets may finally be respectableThe Jets haven’t appeared in the playoffs since the 2010 season. But a strong defense and talented young players have transformed the team
Read more »
‘Very disappointing’: ASX roasted by RBA, ASIC after scrapping blockchain projectThe ASX has been slammed by regulators after it dumped the long-awaited technology overhaul of its core trading systems, with a blockchain-based service, at a cost of around $255 million
Read more »
Fund managers bemoan how ASX lost its wayAs its flagship CHESS projects hangs by a thread, fund managers and investors say the ASX is now a ‘laughing stock’.
Read more »
Five searing lessons from ASX’s tech disasterBoards of ASX-listed companies should examine the multiple governance and operational failures over many years inside the ASX relating to the $250 million CHESS software project.
Read more »