Lithium is proving to be largely immune from the volatility that has rocked commodity markets as prices soar in the face of a looming global recession, prompting Macquarie to deliver another round of upgrades for producers and developers of the battery metal.
Lithium prices have continued to hit record levels this year with spodumene, carbonate and hydroxide surging 243 per cent, 124 per cent and 152 per cent respectively.
This has fuelled more gains for producers of the battery material which were among the best performers on the S&P/ASX 200 again on Tuesday, and extended their rally on Wednesday. Mineral Resources added 4.5 per cent to $82.70, Core Lithium climbed 4 per cent to $1.56, IGO firmed 2.9 per cent to $16.12 and Allkem jumped 2.4 per cent to $15.83 on Wednesday.
The record-breaking run in prices comes despite strict COVID-19 restrictions in China which have weighed on the broader commodity market, and the aggressive tightening by central banks which has hit demand for raw materials.
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