Priscila Barrera

Following a 2021 that saw lithium rally to all-time highs, prices began to stabilize in 2022. Despite pulling back since then, the commodity remains at historically high levels and the future looks bright — demand for the battery metal is expected to soar in the coming decades, with questions about supply increasing every day. 2023 has now almost reached its mid point and the lithium market has already seen a slew of major announcements.

The electric vehicle (EV) revolution has been top of mind for battery metals investors for quite some time now, as increasing EV sales mean more demand for essential elements such as lithium and cobalt. Despite a volatile 2022, the EV market remained in the spotlight, finishing the year strong as many had predicted. More than seven months in, 2023 is shaping up to be another strong year.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) opened lower on Friday (August 18) at 19,812.23. The index was on track for a weekly decline, hitting a 6 week low on the back of rising bond yields. The technology and financial sectors fell last week, while the energy sector was the bright spot. Looking over to commodities, gold dropped below the US$1,900 per ounce mark, to trade around the US$1,892 level on Friday. Meanwhile, silver was trading upward to end the week above US$22 per ounce.