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
The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.