The Core Lithium Ltd (ASX: CXO) share price is a star among ASX lithium shares today.
Core Lithium shares are jumping 4.69% to fetch $1.675, with just moments of trade remaining on Friday. In late morning trade, the lithium miner's shares also notched up a new, all-time high of $1.70 before slightly retracing. For perspective, the S&P/ASX 200 Index (ASX: XJO) is also having a stellar day, lifting 2.78% at the time of writing.
Let's take a look at what's boosting the Core Lithium share price on Friday.
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What's going on?
Core Lithium is not the only ASX lithium share rising today. For example, Allkem Ltd (ASX: AKE) shares are leaping 1.9%, while the Lake Resources N.L. (ASX: LKE) share price is currently up by 4.21%.
Core Lithium appears to be basking in the glow of a top day all round for ASX 200 stocks, as well as following in the footsteps of US lithium shares. Over on Wall Street, Livent Corp (NYSE: LTHM) shares soared 8.69% overnight, while Sociedad Quimica y Minera de Chile (NYSE: SQM) rose 4%.
This followed the best US stock market rally in two years. A better-than-expected US inflation report lifted shares, with the US consumer price index rising just 0.4% in a month. Tim Courtney from Exencial Wealth said, in comments cited by CNBC:
Interest rates are still running everything in markets.
With today's CPI number coming down, the market is now betting pretty clearly that they think the interest rate [rises] are coming close to an end. So, you see those interest rate sensitive stocks doing really, really well.
Meanwhile, Global Lithium LLC founder Joe Lowry made some positive comments regarding the lithium price today. Asked by 3AW if high lithium prices can be sustained in the medium term, he said:
Absolutely, it's all supply and demand, and the EV market is taking off, driving demand.
There's really nothing in the cards in the few years to bring the price back to the old level.
Core lithium share price snapshot
Core Lithium has soared 184% in the year to date, whilst surging 47% in the past month.
For perspective, the ASX 200 has lost 3% in the past year.
Core Lithium has a market capitalisation of more than $3 billion based on the current share price.
