Lithium shorts hit the exit: PLS de-crowds fast, MIN cops the reload
November 2024
November’s short data is dominated by one trade coming off: Pilbara Minerals (PLS) short interest collapsed from 19.22% to 11.63% (-7.58%). The bearish money didn’t leave resources entirely — it rotated into Mineral Resources (MIN), where shorts jumped from 9.93% to 11.98% (+2.06%), and kept uranium crowded with Paladin (PDN) at 15.06% (+0.42%) and Boss Energy (BOE) at 14.29% (-1.10%).
This Month's Analysis
PLS just went from a crush of shorts to a stampede for the door. Short interest fell 7.58% in a month (19.22% → 11.63%). That’s not a tweak — it’s a positioning reset, and it changes the day-to-day tape because a big chunk of forced buying has already happened.
First, the technical outlier: AUSGOV Treasury Bond TB 3.50% 12-34 6M (GSBW34) sits at 118.08% short, unchanged. It’s a structural/market-mechanics print, not an equity conviction trade. In equities, uranium is still where the market is most split. Paladin (PDN) remains the most shorted stock at 15.06% (+0.42%). Boss Energy (BOE) is close behind at 14.29%, even after shorts trimmed (-1.10%). Deep Yellow (DYL) rounds out the uranium crowd at 10.36% (+0.50%). The message is simple: investors like the long-term nuclear demand story, but they’re still pricing execution risk hard. Lithium is more complicated. PLS has de-crowded violently (-7.58%), Liontown (LTR) eased to 9.46% (-0.68%), but Mineral Resources (MIN) went the other way — up to 11.98% (+2.06%). That divergence matters: the sector short hasn’t disappeared, it’s been re-aimed at the name with the most moving parts. Outside resources, two big shorts softened and two hardened. IDP Education (IEL) is still heavy at 12.92%, but shorts pulled back (-1.89%), suggesting the trade is less one-way than it was. Domino’s (DMP) moved up to 10.67% (+1.52%) — shorts piled in where household budgets and margin pressure can do damage quickly.
Daily Snapshots
Top Shorted Stocks This Month
Biggest Risers
Stocks with the largest increase in short interest this month.
Biggest Fallers
Stocks with the largest decrease in short interest this month.
Movers Analysis
The risers show where fresh conviction landed. Megaport (MP1) was the sharpest move: 3.63% → 6.12% (+2.49%). That’s a meaningful re-rate in positioning for a mid-cap tech name — the kind of shift you see when the market starts demanding cleaner execution and less narrative. Endeavour (EDV) followed: 3.01% → 5.32% (+2.31%). Liquor retail can wear a “defensive” label, but shorts are treating it like a volume-and-margin business heading into a tougher consumer tape. MIN’s +2.06% (9.93% → 11.98%) is the other headline. While lithium shorts were being covered elsewhere, MIN became the new magnet for the bearish trade. PWR Holdings (PWH) rose 2.61% → 4.42% (+1.80%) and nib (NHF) rose 1.05% → 2.80% (+1.76%), both consistent with shorts leaning into businesses where any wobble in growth, costs or guidance can bite. On the fallers list, the exits were crowded. PLS led the way (-7.58%), but it wasn’t alone in lithium: Sayona Mining (SYA) fell 8.35% → 4.60% (-3.75%). That’s two lithium names seeing shorts take profit in the same month. Ampol (ALD) was the other big unwind: 5.19% → 1.05% (-4.14%). Whatever the short thesis was, the urgency has gone. Dexus (DXS) dropped 5.19% → 2.24% (-2.95%), a classic sign that the rate-sensitive REIT short is being trimmed rather than pressed. Weebit Nano (WBT) also saw covering: 6.32% → 3.07% (-3.25%), consistent with shorts reducing exposure to names that can gap on any good news.
Industry Trends
Zoom out and the pattern is clean. Resources positioning split in two: uranium stayed crowded (PDN 15.06%, BOE 14.29%, DYL 10.36%), while lithium de-crowded in the pure plays (PLS -7.58%, SYA -3.75%) but tightened around the more complex exposure (MIN +2.06%). Meanwhile, shorts leaned harder into consumer-facing risk. DMP rose to 10.67% (+1.52%) and EDV to 5.32% (+2.31%). That’s the same macro bet expressed two ways: higher-for-longer rates squeezing volumes and leaving less room for cost mistakes. This wasn’t a market-wide lurch. Across 643 stocks, the average short position is 1.34% and the period average change is +0.15%. The action is concentrated — deliberate bets, not background noise.
Outlook
Watch MIN next month. Short interest is now 11.98% after a +2.06% jump, and that’s where the market has parked its resources risk. If MIN delivers a clean update that reduces uncertainty, the unwind could be fast — the same way PLS just showed you how quickly a crowded trade can clear.
Frequently Asked Questions
Why is GSBW34 short interest 118.08%?
GSBW34 is a Treasury bond instrument where lending and settlement mechanics can produce short readings above 100%. It’s not comparable to an ordinary ASX equity short position.
What does PLS falling from 19.22% to 11.63% short mean?
It means a large portion of shorts closed positions in November. A -7.58% move in one month is a major de-crowding event and often reduces the day-to-day squeeze risk because a lot of buying has already occurred.
Why are uranium stocks still heavily shorted (PDN 15.06%, BOE 14.29%, DYL 10.36%)?
High short interest signals investors are still focused on execution and timeline risk in uranium equities, even with supportive long-term demand themes.
If lithium shorts are covering, why did MIN short interest rise to 11.98%?
The data shows the bearish positioning rotated rather than disappeared: PLS and SYA de-crowded, while MIN increased from 9.93% to 11.98% (+2.06%), concentrating the trade into a more complex lithium-linked name.
Does DXS short interest falling from 5.19% to 2.24% mean REIT risk is gone?
No. It means the REIT short trade is less crowded than last month. REIT performance still depends on funding costs, asset valuations and bond yields.
Data sourced from ASIC short position reports (T+4 delayed). This report is for informational purposes only and does not constitute financial advice. Short selling data may not reflect real-time market conditions.