It’s been a great month for the Pilbara Minerals (ASX:PLS) share price

Shares in the lithium miner have rallied 50% in the last month.
The post It’s been a great month for the Pilbara Minerals (ASX:PLS) share price appeared first on The Motley Fool Australia. –

The Pilbara Minerals Ltd (ASX: PLS) share price has rallied 50% in the last month, marking a new all-time high of $2.46 on 11 August.

ASX lithium shares have been on a tear in recent weeks, supported by higher lithium prices and a steady flow of bullish news for the industry.

Latest lithium spot prices

Lithium prices continued to rally in China’s domestic market in the week to Thursday 12 August, according to Fastmarkets.

It reported both traders and consumers along the battery supply chain actively topped up inventories, despite restocking activity normally taking place at the end of the month.

Further afield, Fastmarkets reported lithium spot markets in Europe and the United States were flat due to a typical lull over the summer period, with trade expected to pick up next week.

A recent Fastmarkets survey found that “battery supply chain participants have prioritised securing lithium in the second half of 2021, but nickel has also been a headache for sourcing directors, who are less concerned about cobalt supplies”.

Of the 20 market participants surveyed, eight respondents ranked lithium as the battery metal most difficult to secure in the second half.

Pilbara shares leading the ASX 200 lithium rally

The Pilbara Minerals share price was the first ASX 200 lithium stock to break above its 2018 high of $1.15 during mid-January this year.

By comparison, Galaxy Resources Ltd (ASX: GXY) and Orocobre Ltd (ASX: ORE) only managed to topple 2018 highs in late July.

Is the Pilbara share price cooling off?

The Pilbara Minerals share price has made a slight pullback from its record highs, falling 4.9% between Thursday and Friday last week.

This pullback was broadly in line with its peers, including Galaxy Resources Ltd (ASX: GXY) and Orocobre Ltd (ASX: ORE). Their share prices also fell between 4-5% during the same period.

The recent pullback could be attributed to profit-taking. After all, Pilbara shares have surged 170% year-to-date and rallied around 613% in the past 12 months.

The post It’s been a great month for the Pilbara Minerals (ASX:PLS) share price appeared first on The Motley Fool Australia.

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More reading

Galaxy (ASX:GXY) share price rises as Orocobre merger draws closer
Here are the 3 most active ASX 200 shares this Friday

If you’d bought $1,000 of Pilbara Minerals shares 5 years ago, here’s what it would be worth

Which ASX shares are the biggest movers on the ASX 300 today?

ASX 200 midday update: Telstra 52-week high, PointsBet rises on US update

Motley Fool contributor Kerry Sun 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.

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