We called it a few days ago, now looks like the bottom might finally have come to pass.
Li is back in vogue, bitcoin is rallying and the Nasdaq has risen 20% from its December lows…
Let the games begin?
Across markets….
Australian shares are set to rally, catching an upward move that bolstered stocks across Europe and on Wall Street as banking sector fears further faded.
ASX futures were up 48 points or 0.68% to 7119 near 7.25am AEDT.
- On Wall St at 4pm: Dow +1% S&P +1.4% Nasdaq +1.8%
- In New York: BHP +1.9% Rio +1.2% Atlassian +2.3%
- Tesla +2.5% Apple +2% Amazon +3.1% Lululemon +12.7%
The local currency slid 0.4 per cent; the Bloomberg dollar spot index was 0.2 per cent higher.
On bitstamp.net, bitcoin was 4.1 per cent higher to $US28,454 at 7.28am AEDT.
One measure technical analysts use suggests that bitcoin’s gain may continue, Bloomberg reported. The Relative Strength Index or RSI for bitcoin crossed a crucial threshold on Wednesday, signalling the potential for more upward momentum to the cryptocurrency’s 66 per cent price rally in 2023.
Bitcoin’s monthly RSI crossed above 50, a level it had dropped below in May last year following the collapse of Terra’s algorithmic stablecoin project. A move above 50 indicates that price momentum has transitioned to a bullish regime and a move below, the opposite.
The yield on the US 10-year note slipped 1 basis point to 3.56 per cent at 4.22pm in New York.
On Wall Street, real estate and information tech paced all 11 S&P 500 industry sectors higher.
The NYSE Fang + Index advanced 2.1 per cent, lifting its gain the past month to near 8 per cent. The VIX tumbled towards an 18-handle.
Source: AFR
The lithium market has come to life in recent days after a difficult start to the year.
Equities have shed value across the board as prices have fallen in China, spooking investors who enjoyed the dizzying highs of last year’s electric vehicle driven lithium boom.
With supplies of the white gold hard to come by, downstream chemical prices charged beyond US$80,000/t and desperate converters in need of raw materials paid Australian spodumene producers in excess of US$8000/t.
For reference, Australian miners operate at a cost base of well under US$1000/t.
Over in China, where demand appears to have eased in early 2023, carbonate prices have fallen to ~US$37,800/t, less than half of last year’s highs.
With the Japanese and Korean markets factored in, hydroxide was fetching US$62,000/t yesterday, carbonate US$49,500/t and spodumene a still very healthy US$5350/t according to Fastmarkets.
Pilbara Minerals (ASX:PLS), which made an astonishing $1.24 billion in net profit after tax in the December half and paid a ~$330 million maiden dividend to shareholders, followed up yesterday with news it had approved a $560 million expansion of its Pilgangoora mine in WA’s North West to over 1 million tonnes of spodumene per annum.
With over $2.2 billion in the bank, there is plenty of room for the $12 billion capped ASX giant to grow.
Source: Stockhead
Company: Terra Uranium (ASX:T92)
Sector: Uranium
Deal Type: IPO
Raise Amount: $7.5M
Latest Entry Price: $0.20
Today’s Price Change: $0.23 -4.17%
Company: Unith Ltd. (ASX:UNT)
Sector: AI/ChatGPT
Deal Type: Placement
Raise Amount: $4.5M
Latest Entry Price: $0.033 with a 1:1 UNTO
Today’s Price Change: $0.029 -9.38%
Company: Volt Resources Ltd. (ASX:VRC)
Sector: Battery Metals
Deal Type: Placement
Raise Amount: $5.75M
Latest Entry Price: $0.011
Today’s Price Change: $0.01 Unchanged
Company: Castle Minerals Ltd. (ASX:CDT)
Sector: Battery Metals/Base Metals
Deal Type: Placement
Raise Amount: $1.52M
Latest Entry Price: $0.02 with a 2:3 CDTOA
Today’s Price Change: $0.019 Unchanged
Company: Avenira Ltd. (ASX:AEV)
Sector: Phosphate
Deal Type: Placement
Raise Amount: $2.1M
Latest Entry Price: $0.01 with a 1:2 Listed Option
Today’s Price Change: $0.014 +7.69%
Company: Latrobe Magnesium Ltd. (ASX:LMG)
Sector: Magnesium
Deal Type: Placement
Raise Amount: $3M & $11.5M
Latest Entry Price: $0.10 with a 1:4 LMGO
Today’s Price Change: $0.055 -3.51%
Company: Askari Metals Ltd (ASX:AS2)
Sector: Mining
Deal Type: IPO
Raise Amount: $5.7M
Latest Entry Price: $0.35 with a 1:3 AS2O
Today’s Price Change: $0.42 -4.55%
Company: Tymlez Ltd (ASX:TYM)
Sector: Blockchain
Deal Type: IPO/On-market purchase
Raise Amount: $13.3M
Latest Entry Price: $0.01
Today’s Price Change: $0.012 Unchanged
Company: iCandy (ASX:ICI)
Sector: Gaming & Digital Advertising
Deal Type: Placement
Raise Amount: $1.25M
Latest Entry Price: $0.02 with a 1:1 ICIOB
Today’s Price Change: $0.048 +6.67%
Company: Fatfish Group (ASX:FFG)
Sector: Fintech
Deal Type: Placement
Raise Amount: $1.5M
Latest Entry Price: $0.015 with a 1:2 FFGOA
Today’s Price Change: $0.014 -12.50%
Company: Lobe Sciences (CSE:LOBE)
Sector: Medtech
Deal Type: Pre-IPO
Raise Amount: $1.5M
Latest Entry Price: $0.05 with a 1:1 Warrants
Today’s Price Change: $0.04 Unchanged
Company: Paradigm Biopharma (ASX:PAR)
Sector: Biopharma
Deal Type: IPO Cornerstone
Raise Amount: $1M+
Latest Entry Price: $0.35
Today’s Price Change: $1.36 +0.92%
Company: ReNu Energy Limited (ASX:RNE)
Sector: Energy
Deal Type: Placement
Raise Amount: $1.46M
Latest Entry Price: $0.06 with a 1:1 RNEO
Today’s Price Change: $0.047 -7.84%
Company: Cipherpoint Limited (ASX:CPT)
Sector: Cybersecurity
Deal Type: Placement
Raise Amount: $2.9M
Latest Entry Price: $0.005 with a 1:1 Listed Option
Today’s Price Change: $0.006 Unchanged
Company: Metals Australia Limited (ASX:MLS)
Sector: Lithium/Graphite
Deal Type: Placement
Raise Amount: $7.8M
Latest Entry Price: $0.078 with 1:1 MLSOD
Today’s Price Change: $0.038 Unchanged
Company: BBX Minerals Ltd (ASX:BBX)
Sector: Mining
Deal Type: Placement
Raise Amount: $2.1M
Latest Entry Price: $0.082 with a 1:1 BBXOA
Today’s Price Change: $0.11 +4.76%
Company: Avecho Biotechnology (ASX:AVE)
Sector: CBDDeal Type: Placement
Raise Amount: $5M
Latest Entry Price: $0.022 with a 1:2 AVEO
Today’s Price Change: $0.008 Unchanged
Company: ECS Botanics Holdings Ltd (ASX:ECS)
Sector: Medicinal Cannabis
Deal Type: Placement
Raise Amount: $6.6M
Latest Entry Price: $0.033 with 1:2 ECSO
Today’s Price Change: $0.02 Unchanged
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