Why SQM Stock Is Trading Higher During Monday's Session

Sociedad Quimica y Minera de Chile SQM shares are trading higher by 5.75% to $67.09 Monday morning, rebounding following news last week Chile's President Boric announced a plan to nationalize Chile's lithium industry.

Chile is the world's second largest producer of lithium and holds the world’s third largest reserves of the metal, which is used to make electric vehicle batteries.

In 2022, Chile accounted for nearly one-third of global lithium production, with its lithium mine output estimated at 39 thousand metric tons.

See Also: Elon Musk Says Lithium Is Common Everywhere, Chile's Economy Minister Politely Corrects Him

According to data from Benzinga Pro, SQM has a 52-week high of $115.76 and a 52-week low of $60.21.