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|LME Mo Price Marks New Record High of US$17,000/Ton for Year|
|= Price returns to level in beginning of last June =|
LME molybdenum prices for both cash seller/settlement and 3-month seller rose to US$17,000 per ton (= US$7.71 per lb) on June 17, which marked a new record high for the year. This price is the high price for the first time since the beginning of last June. (Hereinafter, the price is per ton).|
LME molybdenum price made a recovery from US$10,500 in the middle of last December to US$12,000 at the end of last December, and showed an increasing trend since the beginning of 2016, but repeated a sporadic rise from April 25, and rose drastically by US$1,150 from the prior day on May 9, which sharply rose by US$1,700 ditto on June 17.
On the one hand, the prices of molybdenum oxide and ferro-molybdenum in the spot markets in Europe, the U.S. and Asia have fallen back since entering June. What the market participants see as the reasons for the price drop are (1) The first round of customers' procurement of spot goods finished and the market calmed down, (2) The feeling of tight supply became less owing to the report of good production of molybdenum in South America and (3) Such anticipation comes up to the surface as the demand for special steels for the period from July to September is forecast to be down from the prior year, which leads to the weak actual demand for molybdenum.
Some market participants pay close attention to LME prices having shown a different movement from the spot market this time, but many of market participants seem to analyze this is a result of LME's delayed response.
|last modified : Mon 27 Jun, 2016 [10:08]|