Pilbara Minerals (ASX:PLS) share price climbed 12% today, but why?

The Pilbara Minerals Ltd (ASX: PLS) share price rallied 12% in trade today even though the lithium producer posted no news itself. Looking more broadly across the lithium stocks, it appeared to be a relatively good day of trade for many lithium producers.

Let’s look at some of the recent news and events for Pilbara and lithium to grasp what could have had investors excited today.

Lithium prices remain elevated

After a prolonged period of depressed lithium prices due to oversupply, the demand has caught up in recent months. This has led to the lithium price increasing by 45% year-to-date, and inevitably reinvigorating investor interest in the lithium sector.

In January, we witnessed many lithium stocks skyrocket with this…