Re: Don't we have some molybdenum=canada
in response to
by
Message: Re: Don't we have some molybdenum=canada
| Molybdenum springs to five-month highs, upward momentum gathers pace |
| London, 13 January 2010 - Molybdenum prices pushed up to their highest levels since August in Europe on Tuesday, with the early-2010 rally gaining further momentum as the market gears up for the rapidly-approaching launch of LME futures contracts. Molybdenum oxide (Mo3) was quoted at $15.00/15.50 per pound, up some $2.00 over the last week, while ferro-molybdenum (FeMo) was indicated at $35.00/36.00 per kg, a similar advance. "Molybdenum, and cobalt for that matter, are going up on their fundamentals but the LME is a factor, without doubt," a trader said. Cobalt, which is also earmarked for introduction as a contract on the LME, is currently strong and around its highest since November 2008. Futures will debut on exchange on February 22. "It [molybdenum] is looking tight at the moment and it should go higher. A price of $20 is not a high price," the trader said. Prices reached what were then nine-month highs in August - Mo3 at $18.00/18.50 and FeMo at $43.00/43.50. "There are a number of factors," another trader said. "It is speculation by the trade, and, although there is some end-user interest from Asia and the US, there is not, as yet, much from Europe." There has also been buying on expectations that price rises will continue at least until the LME contracts roll out, with a relative shortage of FeMo also supportive. "FeMo is a bit tight as for the last couple of months it has not been economic to convert," the second trader said. "It is still not there, as [at the] current oxide price FeMo needs to be around $37." (Editing by Mark Shaw) |
|
MinorMetals.com press@minormetals.com 12 Camomile Street,London,EC3A 7PT t: +44 (0)20 7929 6339 f: +44 (0)20 7929 6369 |
Loading...
Loading...
New Message
Please
login
to post a reply