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Up 33% in July, why did the Sayona share price have such a stellar month?

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The Sayona Mining Ltd (ASX: SYA) share price was well into the green in July, finishing 33.33% higher over the month.

Meanwhile, the S&P/ASX 300 Metals and Mining Index (ASX: XMM) finished flat as global commodities continued to realise a deep pullback.

Strong July for Sayona

Sayona shares gained 35% in the second last week of July on no news.

Investors rallied Sayona alongside other ASX lithium shares whilst the price of lithium carbonate remained buoyant.

In fact, while there’s been a sharp downturn in the price of most commodities since March, lithium has held form and now trades at $100,331 per tonne, in line with its 2022 average.

This was a bullish factor for the Sayona share price according to a recent analysis.

Sayona share price vs the benchmark

The mining benchmark has reversed course and pared 2022’s gains. It approached 52-week lows in July but managed to claw back some on the roll into August.

Sayona and the mining index have tracked each other closely since May. The difference is that Sayona bounced from its low earlier, and with more force, than the benchmark over June and July, as seen below.

On 29 July, Sayona released its quarterly activities and cash flow report.

The lithium miner reported “significant advances towards the recommencement of spodumene (lithium) production at the Company’s North American Lithium (NAL) operation in Québec, Canada”.

In the past 12 months, the Sayona share price has held a 125% gain.

At the market close on Tuesday, Sayona shares were 18 cents, 28.5% higher this year to date.

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