Moly tags up but spot business slow

Nov 23, 2009 | 11:44 AM | Tom Jennemann

U.S. molybdenum prices have skipped off the floor, but there's little optimism for further recovery until year-end.

Spot prices for molybdic oxide are now in a range of $11 to $11.50 per pound, up from $10.50 to $11 two weeks ago, while ferromolybdenum is between $13 and $13.50 per pound, up from $12.75 to $13 previously, traders said.

"Moly has bounded off the bottom," a U.S.-based trader said, reporting the sale of several truckloads of molybdic oxide at around $11.50 per pound last week. "The trade is mostly responsible for talking it up a little bit and I've even heard of some quotes above $11.50. The market is being driven by the traders."....

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