Molycorp Lifts Rare Earth ETF

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An exchange traded fund designed to give investors exposure to rare earth and strategic metals traded higher Monday along with Molycorp (NYSE: MCP), which benefitted from bullish views from Wall Street analysts.

Market Vectors Rare Earth/Strategic Metals ETF (NYSEArca: REMX) rose 1% on Monday morning while Molycorp rallied about 8%.

Piper Jaffray upgraded Molycorp to overweight from neutral, while JP Morgan (NYSE: JPM) analysts boosted their price target on the stock, according to reports.

Molycorp recently announced a secondary offering of shares. [Rare Earth ETF Lower]

Market Vectors Rare Earth/Strategic Metals ETF