Shares of Molycorp Inc (NYSE: MCP),engaged in manufacturing advanced materials, recorded over 44.0% gain during each of the past two consecutive trading sessions with significant number of shares exchanging hands. MCP was the top performer in U.S. diversified mining sector after skyrocketing 67.9% and closed at $0.80 Tuesday, while recording significant trading volumes of 24.4 million shares. MCP also broke its key technical resistance levels of 30-Day and 50-Day DMAs at $0.60 and $0.73 respectively. Recently, MCP announced that rare earth production in the fourth quarter of 2014 at its Mountain Pass, California facility increased year-on-year and nearly doubled that of the preceding quarter with 1,328 metric tons (mt) of rare earth oxide equivalent production in Q4’14 against 1,034 mt in Q4’13 and 691 mt in Q3’14. During the past 5-trading sessions, MCP gained 122.0% with daily average trading volumes of 9.8 million shares, while the stock fell by 7.2% during the past one month with daily average trading volumes of 5.6 million shares.
Company Description:
Molycorp, Inc. (NYSE: MCP) produces rare earth minerals. The company produces rare earth products, including oxides, metals, alloys and magnets for a variety of applications including clean energy technologies, technology, and defense applications.
1-Year Stock Chart:
Source: Bloomberg
