Skittish investors dumped lithium stocks on news auction prices fell marginally in November for Pilbara Minerals. The broader market finished down 0.6 per cent.
Signs the lithium price may have peaked sunk the sharemarket on Thursday as major producers of the key battery ingredient fell heavily across the board.
In a separate note, Citi upgraded its 2023 lithium carbonate forecasts by 50 per cent to $US60,000 a tonne US Fed chairman Jerome Powell said the central bank required substantially more evidence to gain confidence that inflation is on a sustained downward path. “Markets have rallied a long way since the mid-October trough on the expectation that the Fed will cut interest rates next year and the statement of economic projections overnight, as well as Powell’s testimony, really signal that it’s very determined to keep interest rates elevated and unchanged throughout all of 2023,” Mr Sherwood said.The yields on benchmark US treasuries fell one basis point to 3.49 per cent over the trading day, with US 2-year treasuries at 4.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BHP churns through OZ Minerals diligence, deadline nearsOZ Minerals and suitor BHP are working hard to bring a bit of Christmas cheer to the copper play’s shareholders, although not everyone’s convinced they’ll be able to pull off the $10- billion deal by the end of next week.
Read more »
Rex Minerals pushes ahead with Yorke Peninsula mine plansThe mining giant announces it will seek financing of $850 million dollars to begin construction of a copper and gold operation near Pine Point.
Read more »
Russian oil revenues fall in November despite production boostDecline seen as evidence that western efforts to choke off the Kremlin’s earnings are working
Read more »
Unemployment holds steady despite surprise jobs surge in NovemberAustralia's unemployment rate remains steady at 3.4 per cent, despite the shock addition of 64,000 extra jobs over the past month.
Read more »
Rio Tinto talks up lithium M&A; investors hunt for targetsIts Rio Tinto’s turn to pull out the chequebook and summon a beauty parade, after BHP’s move on OZ Minerals.
Read more »
US core inflation slows, giving Fed some breathing roomThe consumer price index rose 0.2 per cent in November and was up 6 per cent from a year earlier, according to a Labour Department.
Read more »