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Lithium stocks dive as battery metal prices fall to two-year low

Kitco News

** Shares of lithium producing companies drop as battery metal prices fall to two-year low

** Livent down 6.4%, Albermale down 3.8%, Piedmont Lithium down 2.6% and Lithium Americas down 5.3%

** U.S. lithium major Livent begins its campaign in Australia, ahead of vote to decide approval of $10.6 bln merger with Australia's Allkem

** Allkem domestic shares ended at about two-year low earlier in the day

** "The market is worried about lower lithium prices, sending producer shares down" -Morningstar analyst Seth Goldstein

** Lithium prices have tumbled 71% so far this year, based on spot lithium carbonate prices assessed by Fastmarkets to 152,000 yuan ($20,848) a metric ton as of Nov. 9, the weakest since September 2021

** Meanwhile, U.S. energy major Exxon Mobil said it plans to start producing lithium by 2027 in Arkansas, amid growing demand for the metal used in electric vehicle batteries

($1 = 7.2907 Chinese yuan renminbi)

(Reporting by Pranav Kashyap in Bengaluru)

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