Rare Earth Stocks Give Up Gains; Traders Shrug at Rumors China Could Tighten Exports (MCP) (AVL) (REE)
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Stocks in the volatile rare earth group have pared earlier gains heading into the afternoon trading session.
Shares of Molycorp (NYSE: MCP), Avalon Rare (AMEX: AVL) and Rare Element (AMEX: REE) were all sharply higher in pre-open action Tuesday amid WSJ reports Chinese regulators may tighten exports of rare earth materials. One source suggested a possible change could be to allow neodymium, iron and boron alloys to be included under the currently existing export quotas.
Molycorp shares are currently down 2.2 percent to $63.10, Avalon shares are up 0.6 percent to $5.52 and shares of Rare Element are down 3.6 percent to $10.26.
Shares of Molycorp (NYSE: MCP), Avalon Rare (AMEX: AVL) and Rare Element (AMEX: REE) were all sharply higher in pre-open action Tuesday amid WSJ reports Chinese regulators may tighten exports of rare earth materials. One source suggested a possible change could be to allow neodymium, iron and boron alloys to be included under the currently existing export quotas.
Molycorp shares are currently down 2.2 percent to $63.10, Avalon shares are up 0.6 percent to $5.52 and shares of Rare Element are down 3.6 percent to $10.26.
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