The Core Lithium Ltd (ASX: CXO) share price is in the red today.
Core Lithium shares are sliding 1.53% and are currently fetching 96.5 cents. For perspective, the S&P/ASX 200 Index (ASX: XJO) is falling 0.22% today.
Let's take a look at what could be impacting the Core Lithium share price.
Image source: Getty Images
What's going on?
The Core Lithium share price may be down, but it is not alone among ASX lithium shares. Sayona Mining Ltd (ASX: SYA) shares are descending 5.26%, while Lake Resources N.L (ASX: LKE) shares are down 4.55% and Pilbara Minerals Ltd (ASX: PLS) shares are sliding 3.03%.
ASX lithium shares including Core Lithium appear to be following in the footsteps of major lithium shares on Wall Street. For example, Sociedad Quimica y Minera de Chile (NYSE: SQM) tumbled 5.33% on the New York Stock Exchange overnight. Meanwhile, Albemarle Corporation (NYSE: ALB) fell 5.66% and Livent Corp (NYSE: LTHM) slipped 3.95%.
The lithium price could also be weighing on ASX lithium shares today. China Spot lithium carbonate has fallen 1% to CNY 492,500.
Lithium hydroxide has also slipped 0.24% to US84,600 on the London Metal Exchange.
Core Lithium is exploring the Finniss Lithium project in the Northern Territory. In mid-December, the company advised it is making "good exploration progress" at this project. First spodumene concentrate production from this project is expected to start in the first half of next year.
Macquarie has recently lifted the Core Lithium share price to outperform with a $1.30 price target.
Core Lithium share price snapshot
The Core Lithium share price has soared 78% in the last year. However, in the past month, Core Lithium shares have dropped 28%.
For perspective, the ASX 200 has dropped 4.48% in the last year.
