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According to reports, the global lithium market is expected to reach $8.2 million by 2028, registering a 14.8% CAGR. In addition, the price of lithium carbonate, a vital element in rechargeable batteries, has risen 276% in China since the beginning of the year to 197,500 yuan ($30,940) per ton, thanks to rising demand.
Albemarle Corporation (ALB) and Sociedad Quimica y Minera de Chile S.A. (SQM) use lithium as a raw component in their production processes. So, we think these fundamentally sound stocks could be solid picks to cash in on soaring lithium prices.
