Despite continually falling prices for raw lithium, stock prices for a number of firms involved in lithium conversion, mining, and battery production have soared in recent months. Robust demand has re-ignited investor optimism around the ultralight metal used in the batteries of virtually all electric vehicles. Although that interest can be sustained while Tesla is breaking sales records every month, prices of raw lithium will need to eventually rise out of the doldrums to justify the rising valuations of major players like Albemarle and SQM. Australia and China will be the key markets to watch for signs of a turnaround.

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