Bargain hunters have helped molybdenum recover after prices crashed to two-year ...
LONDON - Bargain hunters have helped molybdenum recover after prices crashed to two-year lows, but ample supplies of the metal used to make stainless steel mean further significant gains for now are unlikely, analysts say.
The slide started in September, triggered by one producer selling at a discount to prices in the spot market, trading sources say. A move toward $10 a lb last week prompted traders to sell into the rally. It now stands above $9 a lb.Until September, prices were steady around $11-$12 a lb, despite the prolonged trade dispute between the United States and China which has undermined economic activity, growth and demand globally.
CRU estimates molybdenum production in Chile fell to a four-year low of 27 million lbs in the second quarter and rose to 30 million lbs in the third quarter. “People don’t want to hold inventory,” said Roskill analyst Olivier Masson. “Guidance from stainless producers is not good.”
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