GXY 1.08% 91.5¢ galaxy resources limited

Morgan Stanley now a major shareholder!

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    Lithium bear Morgan Stanley now a major shareholder of Galaxy Resources Limited (ASX:GXY)

    July 13, 2018

    Many regular readers and those that follow the lithium space are likely to be aware of the mixed views on the future direction of lithium prices.

    One of the most bearish investment banks has been Morgan Stanley. As I covered here at the end of February, the broker’s international team predicted that increased production from projects in Argentina and Australia would add an additional 500,000 tonnes of supply to the market by 2025.

    This compared to the current annual supply which stands at approximately 215,000 tonnes.

    In light of this significant rise in supply, the broker suggested that lithium prices would fall from US$13,375 a tonne today, to US$7,332 a tonne by 2021 and then US$7,030 a tonne thereafter.

    As you might expect, this bearish view weighed heavily on the lithium miners and knocked many of their shares for six.
    Surprisingly, just a little over two weeks from the release of that note Morgan Stanley Australia started to buy Galaxy Resources Limited (ASX: GXY) shares and has been doing so ever since on what appears to be a daily basis.

    In fact, the purchases it made on Tuesday means that it now owns over 5% of the lithium miner’s shares outstanding, hence why a substantial holder notice was filed with the ASX today.


    https://www.********.au/2018/07/13/...areholder-of-galaxy-resources-limited-asxgxy/

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