London—Molybdenum recovered some lost ground and edged higher Thursday, as buyers rushed to snap up price bargains fol- lowing reports of Chinese purchase of oxide power. The Platts Daily Dealer Molybdenum Oxide assessment was at $9.10-$9.35/kg Thursday from $9.05-$9.30/lb Wednesday. Market participants said the mood had changed overnight with Asia after rumours emerged that China had bought up to 300 mt of oxide powder. Sources in Asia agreed that weak market fundamentals had not changed and said buyers on Thursday were mainly traders taking a position or those looking to cover shorts.
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