Why the Orocobre (ASX:ORE) share price is zooming 7% higher today

The Orocobre Limited (ASX:ORE) share price is surging higher on Monday. Here’s why the lithium miner’s shares are on fire today…
The post Why the Orocobre (ASX:ORE) share price is zooming 7% higher today appeared first on The Motley Fool Australia. –

beat the share market

The Orocobre Limited (ASX: ORE) share price has been a strong performer on Monday.

In afternoon trade, the lithium producer’s shares are up a sizeable 7% to $5.20.

Why is the Orocobre share price zooming higher?

There appear to have been a couple of catalysts for today’s strong gain by the Orocobre share price.

One of those is the increasingly bullish sentiment in the industry due to improving lithium prices. This is being driven by an expected increase in demand for the battery making ingredient thanks to electric vehicle adoption and increased investment in renewable energy.

It isn’t just the Orocobre share price charging higher. Also on the rise today have been the Galaxy Resources Limited (ASX: GXY) share price with a 6% gain and the Pilbara Minerals Ltd (ASX: PLS) share price with a 10% gain.

What else happened?

In addition to this, the Orocobre share price was given a boost this morning after revealing that its Naraha Lithium Hydroxide Plant in Japan was largely unscathed following an earthquake off the coast of Fukushima Prefecture on Saturday.

Management commented: “An initial inspection of the plant with the construction contractor, Veolia Jenets on the morning of 14 February found some minor damage to the site office but did not find any visible defects to plant equipment. Additionally, there is no damage to site infrastructure services.”

“A further inspection will be undertaken on 15 February to confirm the initial observations and assure the safety of the site prior to the recommencement of construction work,” it added.

The Naraha Plant is the first of its kind to be built in Japan and is a joint venture with Toyota Tsusho Corporation (TTC).

It is designed to convert primary grade lithium carbonate feedstock sourced from the Olaroz Lithium Facility into purified battery grade lithium hydroxide.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited. 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.

The post Why the Orocobre (ASX:ORE) share price is zooming 7% higher today appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!