There has been growing interest in the rare earths market this week as electric car makers look for ways to reduce their reliance on a product that is primarily produced in China (about 85% of global production). The news has been a negative for the market overall and that has resulted in Lynas falling ~12%. We see this as the west ‘giving some back’ to China which will ultimately be a positive for Lynas, however it’s currently a politically charged space and volatility comes with the territory. We are looking to add to our position on a move below $5.40.
MM remains bullish LYC
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