FOCUS: 'Extraordinary' week sees molybdenum prices surge to near 7-year highs

Molybdenum prices rose 15% during last week's trading when a combination of low inventories, steady consumption and high copper prices brought the already-limited production outlook into sharp focus.

Would-be buyers found themselves caught short or with limited offers last week after a strong first quarter gave way to slower activity in April
"I don't know how healthy this rally is, but I'd be feeling more comfortable if I had a larger long position and lower inventory costs," a buyer said.
"If you're short, you're stuck," a trader said.
Fastmarkets' assessment for molybdenum MB drummed molybdic oxide Mo, in-whs Busan rose to $13.50-13.80 per lb on Friday May 14, compared with $12.20-12.80 per lb on May 12 and $11.80-11.85 per lb on May 7. The price is up 15.38% week on week.

Fastmarkets' price assessment for molybdenum drummed molybdic oxide 57% Mo min, in-whs Rotterdam similarly rose 15.32% week on week to $13.30-13.80 per lb. Prices hit $12.60-13.05 per lb midweek, after settling at $11.65-11.85 per lb on May...

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