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2 Stocks to Buy on Soaring Lithium Prices -Breaking

by Mike Robinson

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© Reuters. Two Stocks You Should Buy Upon Soaring Lithium Price

The price of lithium is nearing its three-year peak due to rising demand from electric cars (EVs), and other industries. Because lithium demand is expected to continue strong in the next months, lithium stocks are likely to increase. Albemarle Sociedad Quimica and Minera de Chile (SQM), could both be good bets right now. Let’s discuss.Lithium is a critical component in manufacturing a wide range of products—from pesticides to cell batteries and industrial agents. Electric cars, which are becoming more popular every day, rely on lithium-ion battery technology. As nations invest in EVs to replace their fossil fuel-powered vehicles, there is a strong demand for lithium.

The global lithium market, which is growing at a 14.8% annual rate, will be $8.2 million in 2028 according to some reports. Due to increasing demand, lithium carbonate has seen a 276% increase in price in China to 197.500 Yuan ($30.940 per ton).

Albemarle Corporation, ALB and Sociedad Quimica de Minera Chile S.A. (SQM), use lithium in their manufacturing processes. We believe these stocks, which are solidly based, could offer solid opportunities to cash in on rising lithium prices.

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