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NEW YORK (
TheStreet) -- Although better-than-expected economic data was bolstering the U.S. dollar and luring investors away from commodities, Chinese-based rare-earth plays continued to gather steam.
Overall, rare-earth metals were trading in mixed territory.
Qiao Xing Universal Resources(XING) has shot up 20.2% to $3.56 after the company said it purchased a 34.5% interest in copper-molybdenum miner
Chifeng Aolunhua Mining for $28 million.
Another China rare-earth play followed
China Shen Zhou Mining & Resources(SHZ) with a jump of its own, up 3.6% to $10.15.
Titanium Metals(TIE) is up 1.9% to $17. According to
Reuters, rare earth stocks outside China have spiked since Dec. 29, coinciding around the time China said it would cap rare earth exports by 35% for the first half of 2011 vs. the same time a year ago.
Molycorp(MCP - Get Report) have fallen 1.6% to $60.80. Earlier this week the stock had popped after Dahlman Rose lifted its price target on Molycorp to $85 a share from $49, explaining that the Chinese tightening of rare-earth exports should help boost the prices of these materials, and that Molycorp's joint ventures should be beneficial to the company and its shareholders in the long run.
RealMoney.com contributor and CEO of Shark Asset Management Rev Shark says money moving out the various commodity groups are heading into financials and technology.
As for Shark, he continues to aggressively trade rare earth stocks such as a
Avalon Rare Metals (AVL), up 1.2% to $7.39; Qiao Xing Universal Resources; and China Shen Zhou Mining and Resources; "but they are becoming increasingly choppy lately."
-- Written by Andrea Tse in New York.
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