Molybdenum stages U-turn on improved consumer demand, short-covering by traders

摘要

Molybdenum prices changed direction suddenly on Tuesday July 23, after consumers sent out enquiries, producers showed resistance and traders started a round of short covering. Metal Bulletin's price range for ferro-molybdenum widened to $22.50-23.20 per kg, capturing business from the afternoon of FridayJuly 19 until the morning of WednesdayJuly 24. This compares with $22.90-23.40 per kgonJuly19.