increased by 44 percent in September Core Lithium Ltd (ASX: CXO) share price hit a wall in October.

Shares in: All Ordinaries Index (ASX:XAO) lithium stock It closed September trading at 13 cents. When the closing bell rang on October 31, the same shares were changing hands at 11 cents, down 15.4%.

For some context, All Ords fell 1.4% for the month.

As you can see in the chart above, the Core Lithium share price has fallen heavily over the past two years as global lithium prices continue a deep decline since their record highs in 2022.

However, October wasn’t that bad for Core Lithium.

Here’s what happened over the past month.

What affected the Core Lithium share price in October?

Some of the selling pressure on ASX lithium shares in October may have been driven by profit taking following a strong rally in September.

For example, on October 1, Core Lithium share price fell 11.5% despite no new (good or bad) news from the company.

Lithium stock also appears to have faced headwinds that have affected many ASX mining shares throughout the month. These come as traders reassess the outlook for the Chinese government’s new stimulus measures.

China’s announcement of new stimulus in September gave many Australian miners a major boost in anticipation of greater demand for commodities such as iron ore, copper and lithium from Chinese mills. However, further stimulus announcements fell below market expectations, impacting medium-term investor sentiment towards stocks like Core Lithium.

On the plus side

As I said above, despite the downturn in October, there were some bright days for Core shareholders.

Like on October 21st, the Core Lithium share price closed the day up 14.3%.

That big elevator came after the company reported That’s according to some promising drilling results from the Mount Shoobridge gold mine in the Northern Territory. With lithium prices stagnant while gold prices continue to break new records, management believes Shoobridge could be a golden opportunity for the miner.

Commenting on the day’s exercise results, Core CEO Paul Brown said:

Our exploration program at Shoobridge has produced strong results confirming the presence of shallow, high-grade gold mineralization that remains open along strike. These early successes increase the potential of the project and provide a clear path for continued research.

October 24 was also a notable day for ASX lithium shares.

Although Core Lithium share price closed the day flat, the miner’s quarterly results It will calm the nerves of some long-term shareholders. Core reports that lithium ore reserves at its flagship (and still temporarily shelved) Finniss project currently stand at 9.25 million tonnes at 1.38% Li2O.

Management said this provided a “solid foundation” for the ongoing relaunch work at Finniss.

“This solid foundation supports our ongoing restart efforts and is aligned with our strategy to maintain operations at Finniss,” Brown said. he said.