Monsters of Rock: Lithium FOMO is in full swing

There’s lithium FOMO galore today with large cap players coming out on top in late arvo trade.

Pilbara Minerals (ASX:PLS) was up 4.95%, IGO Ltd (ASX:IGO) up 2.43%, and mid-cap player Vulcan Energy Resources (ASX:VUL) up a solid 15.85% as investors jump on the lithium bandwagon.

It was pretty much a green day for lithium players across the board, with fellow producers Orocobre (ASX:ORE) up 1.68%, and Galaxy Resources (ASX:GXY) 1.47%.

Heavy hitters BHP (ASX:BHP), Rio Tinto (ASX:RIO) and Fortescue (ASX:FMG) all felt the weight of the drop in the iron ore price today – down 2.45%, 1.85% and 1.15% respectively.

The steelmaking ingredient was down US$13.10 or 7.2% to US$170.05 per tonne today driven by demand concerns linked to China’s proposed steel production cuts in the second half of the year.

Gold also dropped slightly overnight, down 0.3% to $1808.90 amid concerns the US Fed could begin tapering its asset purchases later this year – and WA player Northern Star Resources (ASX:NST) responded with a 3.5% fall.

Major miner Glencore picks up stake in Hot Chili (ASX:HCH)

HCH is set to take full control of the world-class Cortadera copper-gold discovery in Chile after raising $40 million for the growing Tier 1 deposit.

It comes hot on the heels of news the world’s largest commodities trader Glencore will take a 9.99% stake in the ASX-listed company, which is preparing to tap North America’s bountiful capital markets via a listing in Toronto.

Hot Chili will rake in $35 million in a private placement and an additional $5 million via a share purchase plan – with the goal to use US$15 million to secure 100% of the massive Cortadera discovery.