Talk and game show host Regis Philbin promoted Molycorp during an appearance on CNBC last week. He’s been buying the company’s stock for years, often adding more when the price fell. Perhaps he should’ve phoned a friend. Molycorp’s closing price yesterday was $2.81, down 96 percent from its peak in 2011.
The TV host remains undeterred. “Nobody shows any interest in Molycorp!” Philbin said. On a May 28 segment, analysts advised him to dump his stake, take a tax loss, and instead trade in options that might pay off if the shares rose.
Regis, after consulting with Regis, appeared to have a different opinion. “Regis doesn’t sell anything until it’s his gain,” he said.
After falling 5.0 percent, europium oxide landed at CNY 3,800 ($611.74) per kilogram and making it the week’s biggest mover on the weekly Rare Earths MMI®. The price of cerium oxide declined 2.4 percent over the past week, settling at CNY 20,000 ($3,220) per metric ton. After a 2.0 percent decline, yttria closed out the week at CNY 50,000 ($8,049) per metric ton.
Neodymium oxide saw a 1.6 percent decline over the past week to CNY 315,000 ($50,710) per metric ton. After a 1.5 percent decline, praseodymium neodymium oxide closed out the week at CNY 320,000 ($51,515) per metric ton. The price of praseodymium neodymium oxide declined 1.5 percent over the past week, settling at CNY 320,000 ($51,515) per metric ton. Neodymium prices were off slightly at CNY 410,000 ($66,004) per metric ton, down from CNY 415,000 ($66,469) a week ago.
Lanthanum oxide traded sideways last week, hovering around CNY 19,500 ($3,139) per metric ton. Prices for praseodymium oxide remained constant, closing the week at CNY 580,000 ($93,371) per metric ton. Closing at CNY 25,000 ($4,025) per metric ton, rare earth carbonate remained unchanged for the week. Prices for samarium oxide remained constant, closing the week at CNY 18,500 ($2,978) per metric ton.
Terbium metal traded sideways last week, hovering around CNY 4,600 ($740.53) per kilogram. At CNY 3,200 ($515.15) per kilogram, the price of terbium oxide did not change since the previous week. At CNY 290.00 ($46.69) per kilogram, the week finished with no movement for yttrium.
The Rare Earths MMI® collects and weights 14 global rare earth metal price points to provide a unique view into rare earth metal price trends. For more information on the Rare Earths MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.