Albemarle (ALB) Jumps 7% on Expected Lithium Price Jump

We recently published Wall Street Shockers: 10 Stocks on Fire. Albemarle Corp. (NYSE:ALB) is one of the best-performing stocks on Monday.

Albemarle Corp. (NYSE:ALB) extended its winning streak to a third straight day on Monday, jumping 7 percent to close at $80.76, as investors turned optimistic about a surge in lithium prices following a huge player’s suspension of one of its mining operations in China.

According to a report by Bloomberg, Chinese firm Contemporary Amperex Technology Co. Ltd. (CATL) suspended its mining operations at the Jianxiawo lithium mine in Jiangxi province amid an expired mining permit that it does not expect to get renewed soon.

While CATL has begun negotiations with the Chinese government for the renewal, it was expecting a prolonged halt amid China’s intensified regulatory oversight of mining companies to curb overcapacity.

Based on data from the Australian government, CATL’s suspended site alone can produce over 46,000 metric tons of lithium carbonate equivalent a year, or roughly 3 percent of the global supply forecast for 2025.

Albemarle Corp. (NYSE:ALB) also rallied alongside its lithium counterparts.

Photo by Kumpan Electric on Unsplash

In other news, Albemarle Corp. (NYSE:ALB) announced that its chief operating officer, Netha Johnson, has stepped down from his post. No reason for the departure was divulged. He was replaced by Mark Mummert, effective immediately.