President Obama Confirms Rare Earths Case Against China (MCP)

As expected, President Obama confirmed on Tuesday a case at the World Trade Organization where China was manipulating the price and access to rare earth materials.  The President said that the United States wants to manufacture more and more goods which actually require rare earth oxides and rare earth materials, but the manufacturing requires those rare earths which China supplies.  Shares of Molycorp, Inc. (NYSE: MCP) are now up 5.3% at $31.43 after having been up only about 3% earlier this morning.  As Molycorp remains the only real U.S.-based production grade facility.

The $31.43 share price compares to a 52-week trading range of $23.05 to $79.16, and Thomson Reuters has a consensus price target objective of just over $40.00.  Molycorp has a market cap of $2.6 billion.