Ken MacDonald Vice President of Business Strategy and CFO Erdene Resource Development discussed the factors controlling the current molybdenum market.
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As the shock waves spread around the global economy; many analysts are starting to hedge their bets on when a recovery will start. In their Global Metal’s Report released this week, Morgan Stanley gave their take on the near future for the molybdenum market.
After moly held its position over months of poor market sentiment, the metal has been hit hard. Just over a few weeks, the market price of molybdenum oxide has fallen by a whopping 30%.
After holding its ground much longer than other base metals, molybdenum’s price point has given way to the global economic current. The metal was stable in the $32 to $35 a pound range for much of this year; holding its value compared to the price plummet of the other base metals.