Home / Sector / Resources Shares / The Pilbara Minerals (ASX: PLS) share price delivered green today

The Pilbara Minerals (ASX: PLS) share price delivered green today

This lithium miner is ending the week in the green, amid a buying spree of ASX resource shares on Friday

Posted by
Mitchell Lawler
Mitchell Lawler is a site writer at The Motley Fool Australia. He holds a Bachelor of Engineering and previously worked in the consulting space while his interest in equities grew. Mitchell is now completing his studies in finance and wealth management and hopes to help others in their investing journey.
Published
| More on:

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

Pilbara Minerals Ltd (ASX: PLS) shares were duking it out with some of the best-performing S&P/ASX 200 Index (ASX: XJO) mining stocks today. The Pilbara Minerals share price was lighting up the boards with a green gain of 2.2% by Friday's close.

asx share price growth represented by cartoon man flexing biceps in front of charged battery

Image source: Getty Images

What's pushed the Pilbara Minerals' share price higher?

Despite the performance, there are no announcements from the company today. However, it appears the resource sector more broadly is enjoying a day of strong performance.

Potentially, investors are buying up ASX 200 resource shares after the United States released its consumer price index (CPI) figures for May. The data showed CPI to have increased by 5% compared to the same time last year – the biggest surge in inflation in nearly 13 years.

Hence, investors might be loading up with the shares that tend to outperform technology and growth shares during inflationary periods, according to Perennial Value Management portfolio manager Dan Bosscher.

Recent Pilbara Minerals news

It's no secret that the Pilbara share price has benefitted from strong lithium demand. Lithium prices have continued to trend higher, with carbonate and hydroxide prices pushing more than 50% off November 2020 lows.

Electrifying the Pilbara share price further, Tesla Inc (NASDAQ: TSLA) recently announced that the electric vehicle maker plans to spend $1 billion or more in Australian minerals.

Tesla chair Robyn Denholm spoke at the Minerals Council of Australia event in Canberra:

At the heart of everything we do in our quest to accelerate the transition to sustainable energy is the lithium-ion battery – one of the most important technologies of the century.

Further adding:

Tesla's mission is to accelerate our transition to sustainable energy. There is a global transition to sustainable energy underway and this presents a huge opportunity for Australia.

Pilbara Minerals also announced in early May that it had entered into a memorandum of understanding with Calix Ltd (ASX: CXL) to develop a "midstream" lithium chemicals refinery.

Motley Fool contributor Mitchell Lawler 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 Bruce Jackson.

More on Resources Shares

Two miners standing together with a smile on their faces.
Resources Shares

These are the best ASX 200 mining shares to buy in March: Morgans

| James Mickleboro

These mining shares are on Morgans' best ideas list in March.

Read more »

A man in his 30s holds his laptop and operates it with his other hand as he has a look of pleasant surprise on his face as though he is learning something new or finding hidden value in something on the screen.
Resources Shares

Rio Tinto share price dips despite copper mega-mine milestone

| Bronwyn Allen

Rio Tinto owns 66% of what will soon become the world's fourth-largest copper mine.

Read more »

Miner looking at his notes.
ESG

'Not sure if that's the way we should go': Why BHP shares are making news today

| Bernd Struben

BHP is trialling renewable diesel made from Hydrotreated Vegetable Oil (HVO) at its Western Australian Yandi iron ore mine.

Read more »

A young woman sits at her desk in deep contemplation with her hand to her chin while seriously considering information she is reading on her laptop
Resources Shares

Are Fortescue shares back on the menu amid job cuts?

| Tristan Harrison

Can cost reductions be the key to driving Fortescue ahead?

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.
Resources Shares

Could buying Fortescue shares at under $22 make me rich?

| Tristan Harrison

The iron ore miner Fortescue has seen volatility. Is it time to buy?

Read more »

Australian Strategic Materials employee wearing a hard hat at a mine looks into the distance as he checks a folder.
Resources Shares

Sayona Mining share price dumps 6% amid lithium lows

| Bronwyn Allen

Lithium prices have fallen to their lowest level in more than a year.

Read more »

Rede arrow on a stock market chart going down.
Resources Shares

Why are ASX 200 lithium shares falling so hard today?

| Bronwyn Allen

The lithium carbonate price has fallen to its lowest level in more than a year.

Read more »

A young man sits at his desk with a laptop and documents with a gas heater visible behind him as though he is considering the information in front of him. about the BHP share price
Resources Shares

Why is the BHP share price taking a flogging on Friday?

| Mitchell Lawler

The commodity growth engine may not be firing on all cylinders.

Read more »