China smelter group agrees to lower Q1 copper charges
The charges tend to fall when ore supply declines and rise when more concentrate is available.
While base metals have enjoyed a good 2016 so far with only lead (-5%) in negative territory for the year and the likes of zinc (+27%) and tin (+18%) entering bull markets, molybdenum is making a star turn.
A metric tonne of molybdenum on the London Metal Exchange fetched $16,500 on Thursday after customs data from China showed imports of concentrate and oxides surged 131% in May. Over the first five months of the year, China imported 8,851 tonnes of molybdenum concentrates and oxide, up 89% year on year.
The price of molybdenum has shot up 43.5% year to date as it recovers from a record low of $10,200 hit in October last year.
Thinly traded and primarily produced as byproduct of copper mining with annual supply of less than 270,000 tonnes a year, the molybdenum price is bound to be volatile, but the last year has been particularly topsy-turvey – the metal is still only worth half of what in July 2015.
The difficult environment has led several molybdenum mine closures in north America which together with China supply more than two-thirds of the world’s molybdenum used primarily in steel alloys.
4 Comments
Pat Wood
What planet have you been on……….Frik?
Platt’s Weekly Dealer oxide price hit $8.90/lb. around Memorial Day (back in May……….!!!!!).
That’s the price that matters.
Not the fake, rarely traded, failed LME molybdenum contract………….which had NO volume whatsoever for a FULL FIVE WEEKS before bounded up from $6.94/lb. to $7.73/lb.
Don’t you guys at Infomine have a subscription to Platt’s Weekly? Or do you guys operate out of someone’s basement or spare bedroom.
Joke.
Improve your reporting on commodities because frankly, it sucks.
Pat Wood
“……the metal is still only worth half of what in July 2015.”
Wrong !!!
What the he ll are you babbling about Frik………..?
William Kahn
Might anyone know where can I buy a 1″x2″x6″ bar of 99+% pure molybdenum for my metal collection?
Hasmukh Vikani
before end jan, 17 this metal will wake up
Hasmukh Vikani