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Mosquito Consolidated Gold Mines Limited
100-1616 W. 3rd Ave.
Vancouver B.C.
V6J 1K2
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Mo prices buck trend as demand remains high in August

August 04, 2010

Molybdenum prices rose further on Wednesday amid surprisingly strong demand.

?We?re still in the summer lull, but demand remains strong for moly,? a trader said. ?A lot of traders are looking for units, and there is reasonable interest from the consumers.?

Western-grade ferro-molybdenum rose to $38.50-40.50 per kg from $38-40 per kg previously <http://www.metalbulletin.com/prices/priceDetail.aspx?id=2920&m1=3&m2=288&m3=80&m4=291&s=&IndexID=> , with business reported across the new range.

Intertrade business for a container of material was reported at $39.50, while a trader booked ten tonnes with a consumer at the top of the range. Another trader booked a deal at the bottom of the range, and a producer sold at $39.

With ferro-molybdenum in short supply in Europe, suppliers polled by MB said that they are having to pick and choose the deals they fulfil. In many cases, the tightness is being exacerbated by suppliers? wish to wait for higher prices before selling.

?We?ve received a lot of enquiries, but we?re not in a hurry to sell as we?re aiming for a higher price,? a producer said.. ?If someone sends an enquiry with an interesting number we might look at it, but we?re not offering prices yet.?

Drummed molybdic oxide climbed to $14.90-15.20 per lb <http://www.metalbulletin.com/prices/priceDetail.aspx?id=2871&m1=3&m2=288&m3=80&m4=291&s=&IndexID=> from $14.60-15.10 previously, as flooding in China <http://www.metalbulletin.com/Article/2644531/NonFerrous/Chinese-moly-prices-jump-after-major-mines-flood.html> helped bolster European prices.

Chinese molybdenum concentrate prices have jumped by more than 5% since last Friday, after major molybdenum mines in Henan and Shaanxi shut production on flooding. The mines closed include those of Jinduicheng Molybdenum Co, Asia's largest moly producer.

?The major floods in China have taken them out of the market,? the trader said. ?The market is now supported at higher numbers.?

With Chinese producers off the market, and therefore unlikely to pressure European prices downwards through large-scale selling, moly oxide prices have found a new bottom.

?Oxide tried twice to dip lower [in recent weeks], but never got much below $14 before it found a floor,? the trader said. ?Now, we see a new floor in the market at around $14.50, and the upside potential is big.?

Copyright ? Metal Bulletin Ltd.

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Mosquito Consolidated Gold est une société développant des projet miniers d'or basée au Canada.

Mosquito Consolidated Gold détient divers projets d'exploration en Australie.

Ses principaux projets en exploration sont COPPER CHIEF et BLACK POINT en USA, LARDER LAKE / CUMMINS, STATLU CREEK, SPRUCE MOUNTAIN, PINE TREE et RED LAKE / LAVERTY au Canada et TRIKAY et CUMO en Australie.

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Mosquito Consolidated Gold Mines

Buck trend as demand remains high in August

Mosquito Consolidated Gold Mines