SLI - Why Standard Lithium Stock Glowed Green Today
Shares of Canada-based U.S. lithium mining company Standard Lithium (NYSEMKT: SLI) got a lift from rising lithium prices this week, closing Friday trading up 8.7% -- and up 42% for the week!
The good news for Standard Lithium began midweek when the company announced the completion of a "preliminary economic assessment." The assessment showed that the company's lithium project in southwest Arkansas could produce 30,000 metric tons of battery-quality lithium hydroxide monohydrate per year, for 20 years, at an internal rate of return of 32%. One day later, Canaccord Genuity hiked its price target on Standard Lithium stock more than 50% , and Stifel Nicolaus upgraded the stock to "buy."
Today, the good news got better when MetalBulletin.com reported that lithium prices in China are surging as that nation emerges from its week-long Oct. 1-7 "National Day" holiday. Sentiment about lithium demand is "buoyed" by "aggressive" lithium supply contracts from international traders, reported the market forecaster, and lithium prices within China are showing "upward momentum," rising about 6.8% in comparison to pre-holiday prices.
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Why Standard Lithium Stock Glowed Green Today