LME molybdenum price (cash seller and settlement) dropped sharply to US$21,400 per ton (= US$9.71 per lb) on October 6. The price on Monday in the new week represents a decrease of up to US$2,100 versus US$23,500 (= US$10.66 per lb) on October 3.|
LME molybdenum price showed a trend of tapering down in mid-September, but showed a movement of ceasing declining temporarily during 1st to 3rd of October. However, it dropped sharply on October 6, and made a record of US$21,400 per ton as aforementioned, which was an all-time low since 10th of this January (US$21,000).
Many of market watchers anticipated that the price would shortly dip below US$10 due to continuation of tapering down, but thereafter the resistance to price declining would become strong. For that reason, there are some optimistic opinions that this time's sharp drop was a return action to the price ceasing to stop temporarily last week, and the momentum of dropping sharply would not last for a long time.