Rise and Shine: Everything you need to know before the ASX opens

On Stockhead today, ASX stocks getting in on the rise of LFP batteries, FMG dips toe into lithium IPO, and can Qantas profits lift other ASX airlines?

But first, The day ahead.

Local shares are set to open higher today. At 8am AEST, the ASX 200 October futures contract is pointing up by 1.5%.

TRADING HALTS

The following companies went into trading halts yesterday and are expected out in the next few days:

Radiopharm Theranostics (ASX:RAD) – the release of Pivalate Phase II Data in Brain Mets Trial

Aldoro Resources (ASX:ARN) – capital raise

Pacific Nickel Mines (ASX:PNM) – capital raise

Zoom2u Technologies (ASX:Z2U) – capital raise and potential acquisition

Astron Corporation (ASX:ATR) – capital raise

Wooboard Technologies (ASX:WOO) – capital raise

Medibank Private Limited (ASX:MPL) – cyber breach

COMMODITY/FOREX/CRYPTO MARKET PRICES

Gold: $US1,665.15 (-0.43%)

Silver: $US18.85 (-1.08%)

Nickel (3mth): $US22,340/t (+0.22%)

Copper (3mth): $US7,641/t (+1.27%)

Lithium Carbonate, China (Benchmark Minerals Intelligence, OCT 12): $US72,200/t (+108.2% year-to-date)

Lithium Hydroxide, China (Benchmark Minerals Intelligence, OCT 12): $US71,850/t (+146.9% year-to-date)

Oil (WTI): $US89.10 (+2.10%)

Oil (Brent): $US94.58 (+2.31%)

Iron 62pc Fe: $US95.40 (-0.76%)

AUD/USD: 0.6297 (+0.5%)

Bitcoin: $US19,402 (+1.2%)

WHAT GOT YOU TALKING YESTERDAY?

Lithium stocks were hammered yesterday after lithium perma-bear Morgan Stanley put out a report indicating that prices and export volumes were falling out of Chile, one of the biggest lithium producers in the world.

It’s Groundhog Day – remember when Goldman Sachs did the same thing? — and experts aren’t buying it.

Lithium Prices <thread>

Morgan Stanley et al putting out lithium price decline narratives.

There is zero industry evidence to suggest lithium’s price decline from all time highs is today or even tomorrow

(TBD @ Benchmark Week, 14-18 Nov, LA > https://t.co/63jk7MQz8m )

— Simon Moores (@sdmoores) October 13, 2022

“It doesn’t take a genius to make a call that lithium prices will eventually come down,” says Benchmark Mineral Intelligence boss Simon Moores.

“Lithium is one the longest price rallies in any ‘commodity’ in recent memory.

“But there is always a scramble at the banks to be the first to call it. Which misleads the market as to what’s really happening.

“Using bad data / trade data can do this. It’s why regulated price reporting agencies (PRA) like [Benchmark] have business.”

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Also, be sure to check in preopen each day for ‘Market highlights and 5 ASX small caps to watch’, and 10.30am for our daily ‘10 at 10’ column — a live summary of winners & losers at the opening bell.

ASX SMALL CAP LEADERS

Here are the best performing ASX small cap stocks:

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Business SaaS stock Elmo Software (ASX:ELO) says various parties have expressed interest in acquiring the company, including US tech-focused private equity firm Accel-KKR.

No agreement has been reached, but ELO is in discussions with selected parties “in the context of maximising shareholder value”.

$5m capped recruitment/labour hire co Hiremii (ASX:HMI) somehow received a boost after MD/CEO Andrew Hornby bought $635 worth of shares on market.

Explorer Carnaby Resources (ASX:CNB)  pulled up a “phenomenal” 60m at 3.1% copper at the Greater Duchess project.

Lithium minnow Riversgold (ASX:RGL) received a handy $521,000 R&D tax incentive refund and secured a contractor to drill a maiden campaign at the Tambourah project in the Pilbara.

ASX SMALL CAP LAGGARDS

Here are the best performing ASX small cap stocks:

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Dundas Minerals (ASX:DUN) says the surprise silver and copper found in two shallow holes has come back from the lab lower than initial pXRF readings, while nickel readings were actually elevated.

“For Cu and Ag, anomalous laboratory assay results were returned at the same 1m intervals as elevated pXRF readings, however the ppm values reported from laboratory assay were below the pXRF readings,” the company says.

“This was not the case with respect to Ni, where laboratory assay results were in all cases higher than pXRF results, in several cases between 2 and 3 times higher.”

Dun says it will not quote numerical pXRF reading results in its public announcements in future “until it has a higher degree of confidence that for any pXRF reading announced, there is likely to be a strong correlation between the pXRF reading value and the future laboratory assay result”.

Shree Minerals (ASX:SHH), which has tenements nearby, also fell on the news.