Molybdenum Overnight View: Prices Expected To Rise; Cautiousness Dominates
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- Category: Molybdenum's News
- Published on 29 October 2015
- Written by yiping
- Hits: 424
Both molybdic oxide and ferro-molybdenum prices in Europe appeared stronger late on Tuesday October 27, as market participants reacted to the news of further production cuts at Freeport McMoran.
Freeport announced late last week that it would cut 10 million lb per year of molybdenum production at its Sierrita copper-molybdenum mine in Arizona, which, combined with cutbacks announced in August, will put total reductions at 20 million lb, or 20% of 2016 expected output. Some traders reported indications well in excess of $13 per kg, and even closer to $14 for ferro-molybdenum.
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