HONG KONG -- The share price of China Northern Rare Earth (Group) High-Tech jumped Wednesday on expectations that production cuts will lead to higher prices for rare earth metals.
The stock climbed 3.16% to close at 14.69 yuan ($2.31) on the Shanghai stock market.
The major Chinese rare earth producer plans to reduce 2015 output by 10% compared to production quotas set by authorities, reported state-run Xinhua News Agency and other Chinese media. Other producers appear to be following suit, fueling speculation that sluggish prices for rare earths will get a boost from lower supply.
Related companies got a boost. Inner Mongolia Baotou Steel Union rose 8.53% to 4.20 yuan while Xiamen Tungsten surged 10.01% to 18.79 yuan.
Prices for rare earths have slumped around the world in recent years partly due to a decrease in demand as users made efforts to develop alternatives.
http://asia.nikkei.com/Markets/Equities/Output-cut-lifts-stock-price-of-Chinese-giant
HONG KONG -- The share price of China Northern Rare Earth...
Add LYC (ASX) to my watchlist
 (20min delay)
|
|||||
|
Last
$7.82 |
Change
-0.070(0.89%) |
Mkt cap ! $7.309B | |||
| Open | High | Low | Value | Volume |
| $7.85 | $7.87 | $7.77 | $2.604M | 333.1K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 5 | 262 | $7.82 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $7.83 | 8510 | 37 |
View Market Depth
| Last trade - 11.46am 02/10/2024 (20 minute delay) ? |
| LYC (ASX) Chart |