Chinese battery giant CATL is planning to curtail lithium production. Oversupply from China is one of the biggest factors that sent lithium prices plunging.
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In the closing of the recent trading day, Albemarle (ALB) stood at $88.50, denoting a -0.9% change from the preceding trading day.
Shares in lithium producer Albemarle (ALB) will likely remain in focus on Thursday after jumping more than 13% yesterday following news that Chinese battery producer CATL plans to reduce lithium production at one of its large mines, a move that could balance the metal's supply-and-demand dynamics.
Shares of Albemarle (ALB), the world's largest lithium miner, rose more than 13% following reports that a key Chinese battery producer intends to reduce lithium production levels.
Albemarle stock has fallen significantly in one year because of plunging lithium prices. China largely drives lithium supply, but one large producer is reportedly cutting down production.
Albemarle (ALB) has been one of the stocks most watched by Zacks.com users lately. So, it is worth exploring what lies ahead for the stock.
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Albemarle (ALB) has received quite a bit of attention from Zacks.com users lately. Therefore, it is wise to be aware of the facts that can impact the stock's prospects.
ALB gains on higher lithium volumes, actions to boost its lithium conversion capacity and productivity actions amid headwinds from softer prices.
The concern over the lithium market isn't just a near-term concern. Albemarle continues to generate strong cash flow despite its decline in profitability.