As Electric Vehicle Transition Charges Higher, This ETF Tracks Lithium -A Critical Battery Metal
Portfolio Pulse from Melanie Schaffer
The electric vehicle market is expected to grow exponentially by 2030, with lithium being a critical resource for EV batteries. Sprott Lithium Miners ETF (NYSE:LITP) tracks 48 lithium mining companies and is the only pure-play U.S.-listed ETF focusing on lithium miners. The three largest holdings within LITP are Pilbara Minerals Ltd., Sociedad Quimica y Minera de Chile SA, and Albemarle Corp. (NYSE:ALB). LITP has been trading in a downtrend since July 14.
July 28, 2023 | 3:03 pm
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NEUTRAL IMPACT
Sprott Lithium Miners ETF (LITP) tracks lithium mining companies and could benefit from the expected growth in the EV market. However, it has been trading in a downtrend since July 14.
The expected growth in the EV market could increase demand for lithium, potentially benefiting LITP. However, the ETF's current downtrend suggests a cautious short-term outlook.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100
POSITIVE IMPACT
Albemarle Corp. (ALB) is one of the largest holdings within LITP and could benefit from the expected growth in the EV market.
As one of the largest holdings within LITP, Albemarle Corp. could benefit from the expected growth in the EV market and increased demand for lithium.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75