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the Core Lithium Ltd. (ASX: CXO) The stock price is higher on Tuesday, hitting a new all-time high in the process.
The gains came despite no news being released by the company. Sentiment for lithium appears to be having a moment, however, with brokers bearish on segment stocks.
At the time of writing, the Core Lithium share price is 69.7 cents, up 8.9% from its previous close.
That’s slightly below its intraday high and a new high of 70 cents.
For the context, the S & P / ASX 200 Index (ASX: XJO) is currently down 0.7%.
Let’s take a look at what might bolster Explorer’s lithium stock today.
Has this propelled the Core Lithium share price to new highs?
The Core Lithium share price is skyrocketing today, just weeks after a leading broker updated its forecast for the lithium sector.
As my mad colleague Zach Bristow reported last week, JP Morgan expects big things from lithium in 2022.
The broker is among many who believe lithium will experience more demand than supply in the years to come. It also predicts that the commodities market will experience a compound annual growth rate of 24% by 2030.
S&P Global Platts is also bullish on lithium. It forecasts a supply shortfall of around 5,000 megatonnes of lithium carbonate equivalent in 2022.
According to the law of supply and demand, the price of lithium is expected to increase along with any deficit.
Meanwhile, Core Lithium’s other leg, its uranium assets, could also help boost its share price.
In addition to the company’s Finniss Lithium project, it also owns the Napperby advanced uranium project and the Fitton uranium project.
Macquarie analysts recently raised their outlook for the spot price of uranium.
Such sentiment could help to strengthen the sentiment of the actions of the company today.
