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the Lake NL Resources (ASX: LKE) The stock price ends the week on a very positive note.
In morning trading, shares of the lithium developer jumped 16% to a new high of $2.31.
Why is Lake Resources’ stock price rising?
Lake Resources’ share price soared today despite no news from the company.
However, there has been some very positive industry news that may excite investors.
This lithium giant morning Allkem AG (ASX:AKE) has released an update on lithium carbonate and spodumene concentrate prices.
This update reveals that strong market conditions continue to have a positive impact on the price received for Allkem’s lithium carbonate from the Olaroz lithium facility. For the June quarter, the average price received for lithium carbonate is expected to be approximately US$35,000 per ton FOB.
This is up from US$27,236 per ton in the March quarter and more than triple the US$11,095 per ton ordered in the first half.
It’s a similar story for spodumene, with advanced talks pricing spodumene concentrate in the June quarter around US$5,000 per tonne. This is more than double the US$2,218 per tonne received during the March quarter.
Overall, this paints a very positive picture for the industry right now. However, it should be remembered that it will be a few more years before Lake Resources is likely to produce lithium.