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 14 November, 2023

Unlike Melbourne’s sunshine, Lithium is here to stay!
Lithium prices are yet to arrest their slump, but appears to be no deterrent as local pegmatite pokies continue to pay out.

Who is your pick for the next discovery hole to capture the markets attention?

Across markets
ASX futures up 59 points or 0.9% to 7019 near 7.10am AEDT

  • AUD +0.3% to 63.81 US cents 
  • Bitcoin -0.8% to $US36,842 at 7.20am AEDT
  • On Wall St at 3.20pm: Dow +0.2% S&P +0.01% Nasdaq -0.03%
  • In New York: BHP +0.6% Rio +0.3% Atlassian -0.9%
  • Tesla +4.2% Apple -0.7% Amazon -0.4%
  • Stoxx 50 +0.8% FTSE +0.9% DAX +0.7% CAC +0.6%
  • Spot gold +0.4% to $US1947.53/oz at 1.57pm in New York
  • Brent crude +1.3% to $US82.50 a barrel
  • Iron ore +1% to $US128.10 a tonne
  • 10-year yield: US 4.63% Australia 4.67% Germany 2.71%
  • US prices as of 3.18pm in New York

Australian shares are poised to open higher with commodities recovering. Iron ore has risen through $US128 a tonne. Oil is eyeing $US83 a barrel.

Shares edged higher in New York to start their week with the pending October CPI report a key focus. All three benchmarks turned ever so slightly positive in afternoon trade.

We are finding more reasons to be constructive into year-end than we were a few weeks ago,” Fundstrat Global’s Tom Lee said in a note. “Namely, economic momentum has slowed in a way that has become supportive of softer inflation.

TD Securities said its forecasts for the October CPI report suggest core inflation gained additional speed for a third month straight for an above-consensus 0.36 per cent month-over-month increase, from 0.32 per cent in September.

“We expect core inflation to stay in a 0.2 per cent-0.3 per cent m/m range between now and the end 24Q1, partly reflecting less drag from the core goods segment and stickier core services ex-housing inflation. Though price gains in the services segment more broadly should continue to gradually lose momentum as housing inflation decelerates further.”

Source: AFR

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Closer to Home

What’s doing in major M&A lithium action?

Allkem and Livent

Headlining potential blockbuster mergers just lately is $5.64bn market-capped Aussie-based lithium producer Allkem (ASX:AKE), as it furthers a plan to get a potential king-making deal over the line with American lithium-production titan Livent.

The companies are looking to combine in a union that would create the world’s third biggest player by lithium volumes (as Stockhead’s Josh Chiat notes, “once all their myriad growth options are brought to market by later this decade”).

It would put the merger, to be called Arcadium Lithium, behind Albemarle and SQM, and ahead of China’s ­Ganfeng.

If successful, the merger would see Allkem’s ASX and TSX shares delisted by January 5, a day after the new company’s shares begin trading on the New York Stock Exchange. Its CDIs will be traded on the ASX.

Per a report in The Australian, slumping lithium commodity prices this year are no deterrent for the two companies. In fact, the volatile lithium prices reportedly only strengthen the case for the merger.

“This is not a deal about the lithium price,” said Livent chief exec Paul Graves on a tour to sweet talk Aussie investors, adding: “Sometimes you need a little bit of historical context. We see some of the prices being thrown around – I think one of the research analysts recently came out and said they see pricing falling to marginal cost, which is US$15 a kilo in their calculation.

“Livent has been in the market for a long, long time. We’ve never managed to average US$15 a kilo up until the last year or two. That’s a historically high ­number.”

Source: Stockhead

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Recent Peak Deals

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Today’s Price Change: $0.008 -38.46%

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Company: ECS Botanics Holdings Ltd (ASX:ECS)
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If you would like more information on future Peak deals, please don’t hesitate to get in touch.

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