One hour after opening MCP was down 2.1% on the NYSE and LYC pink sheet down by 0.47% Lynas should get hit tomorrow, especialy when you read titles like 'Chinese almost double rare earth quota'...
Interestingly this quote by the European trade spokesperson, in Bloomberg: The European Union criticized the new quotas because they bring about no "noticeable change" in the amount of rare earths that China will ship to the 27-nation bloc. The addition of ferrous alloys means the quota is actually being tightened because more products will compete for a limited amount of rare earths, said John Clancy, the EU's trade spokesman.
"This is highly disappointing and the EU continues to encourage the Chinese authorities to revisit their export restrictions policy to ensure there is full, fair, predictable and non-discriminatory access to rare earth supplies as well as other raw materials for EU industries" Clancy said in a statement from Brussels.
Not everyone's a dupe!
LYC Price at posting:
$1.98 Sentiment: LT Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)