PLS fell in a similar manner to AKE, ending the session over -5% lower, making the huge short position even more comfortable. We’ve written a few times over recent months that PLS et al. haven’t felt right with regard to increasing our exposure to the previously hot ESG space, but the more downgrades we read, the more it feels like it’s time to start ringing the bell.
- We are considering PLS as a pure lithium play into fresh 2023 lows, i.e. 5-10% lower.
MM continues to like PLS into weakness
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