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2 Stocks to Buy on Soaring Lithium Prices

Stock MarketsDec 02, 2021 10:31AM ET
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© Reuters. 2 Stocks to Buy on Soaring Lithium Prices

Due to the rising demand for lithium for electric vehicles (EVs) and other industries, the price of the alkali metal is hovering near its three-year high. And because the demand for lithium is projected to remain robust in the coming months, we think lithium stocks Albemarle Corporation (NYSE:ALB) and Sociedad Quimica y Minera De Chile (SQM) could be ideal bets now. Let’s discuss.Lithium is a critical component in manufacturing a wide range of products—from pesticides to cell batteries and industrial agents. Lithium-ion batteries are an integral part of electric cars (EVs), which are gaining popularity daily. So, the demand for lithium is projected to remain robust for the foreseeable future as nations worldwide invest heavily to replace fossil-fuel-powered cars with EVs.

According to reports, the global lithium market is expected to reach $8.2 million by 2028, registering a 14.8% CAGR. In addition, the price of lithium carbonate, a vital element in rechargeable batteries, has risen 276% in China since the beginning of the year to 197,500 yuan ($30,940) per ton, thanks to rising demand.

Albemarle Corporation (ALB) and Sociedad Quimica y Minera de Chile S.A. (SQM) use lithium as a raw component in their production processes. So, we think these fundamentally sound stocks could be solid picks to cash in on soaring lithium prices.

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2 Stocks to Buy on Soaring Lithium Prices
 

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