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ASX on the up: movers and miners

19 October 2022 11:33

The ASX has joined the US Stock Market on the upwards trend, with the AUALL rising by 0.6 per cent on the day and bringing the index to a weekly uptick of 2.54 per cent.

Utilities (+1.62%) Discretionary (+1.31%), Industrials (+1.27%) and Staples (+1.09%) were the sectors leading the charge, with Energy (-0.73%) dragging behind the pack.

The price of crude oil has fallen through the week (-3.68%) but is so far on a Wednesday ascent (+1.49%) and back over US$84 per barrel.

The price of coal continued its monthly decline (-11.66%), falling another 1.1% while maintaining a lofty price of US$387.85/t to keep previous big winners like Glencore happy with their energy investments.

Mining Movers:

Materials are up (+0.61%) to a lesser extent on the day, with miners and explorers of future facing metals featuring heavily among the day’s winners.

Lithium

Lithium plays Core Lithium (ASX: CXO), Pilbara Minerals (ASX: PLS), Leo Lithium (ASX: LLL) and Charger Metals (ASX: CHR) all moved up along the spot price, which has gained another 3.83 per cent through the week to reach a current price of 542,500 yuan per tonne, with no obvious end in sight on an imbalance between supply and demand.

Nickel

Nickel-focused companies Chalice Mining (ASX: CHN), Mincor Resources (ASX: MCR) and Future Metals (ASX: FME) have all rose by four per cent or higher in spite of the battery metal dipping in price by 2.3 per cent over the week.

The nickel price still looks to be settling from the short squeeze that rocked the London Metals Exchange and sent its price flying, briefly eclipsing US$100,000 per tonne mark before moving back down to its current price of US$21,411/t.

Prices accurate as of 10.16 am UTC+ 8 hours.

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