AMM) Moly prices climb on Asian demand New York 17 June 2009 19:24
Prices for molybdenum have continued to rise over the past couple of weeks as demand from Asia drags a languid North American market along behind it, traders said.
"Prices are moving quickly and Asia is a large factor, although there is some consumer business in North America," a trader said. "Prices over-corrected on the downside and we may have some more violent price swings."
Traders put molybdenum prices at $10.60 to $10.80 a pound, up from $10 to $10.50 a pound less than two weeks ago. Spot prices for molybdenum sank as low as $7.50 a pound in April but then began to bounce back, rising to $9 to $9.50 a pound in May.
"The big stainless producers are coming back more and more, and there are a lot of spot sales," said the trader, who added he was currently quoting $10.75 to $10.80 a...
MOL Price at posting:
58.0¢ Sentiment: Buy Disclosure: Held
