Rare Earths were lifted Tuesday by news that China is looking to increase its rare earth purchases to bolster reserves. According to an article written by Wang Zhuoqiong for China Daily US, "Du Shuaibing, an analyst with market trends firm Baichuan Information, said that six large rare-earth producers are on the list for the purchasing program, which was launched last year." Shuaibing believes the purchases will target medium and heavy rare earths and total around 10,000 metric tons. Here is how some Rare Earth stocks reacted Tuesday:
Lynas Corp. (OTCMKTS: LYSCF) shares traded in the range of $0.36 to $0.40 Tuesday before settling to close at $0.37. The stock appears to be facing some resistance at the $0.37 and $0.40 levels with some support at $0.34. Shares of Lynas Corp. have fallen approximately 36.0 percent in 2013.
More information on Lynas Corp. and access to the free equity report can be found at: www.WallStreetFundamentals.com/LYSCF
Molycorp Inc. (NYSE: MCP) shares traded in the range of $7.27 to $7.78 Tuesday before settling to close at $7.29, an increase of 1.39 percent. The stock appears to be facing some resistance at the $7.51 and $7.68 levels with some support at $7.09. Shares of Molycorp have fallen approximately 23.0 percent in 2013.
More information on Molycorp and access to the free equity report can be found at: www.WallStreetFundamentals.com/MCP
Quest Rare Minerals Ltd. (NYSEMKT: QRM)(TSX: QRM) shares traded in the range of $0.88 to $1.00 Tuesday before settling to close at $0.90, an increase of 2.27 percent. The stock appears to have some support at the $0.82, $0.80 and $0.74 levels. Shares of Quest Rare Minerals have fallen approximately 14.0 percent in 2013.
More information on Quest Rare Minerals and access to the free equity report can be found at: www.WallStreetFundamentals.com/QRM
Rare Element Resources Ltd. (NYSEMKT: REE) shares traded in the range of $2.96 to $3.50 Tuesday before settling to close at $3.32, an increase of 11.41 percent. The stock appears to have some support at the $2.95, $2.49 and $2.41 levels. Shares of Rare Element Resources are down approximately 2.3 percent in 2013.
More information on Rare Element Resources and access to the free equity report can be found at: www.WallStreetFundamentals.com/REE
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