Molycorp up 8% on Reports of Stricter Rare Earths Regulation in China

Molycorp

is trading higher on the session following a

suggesting that China has pledged to regulate its rare earths industry more strictly. China is the largest rare earths exporter in the world. Molycorp is a U.S.-based rare earth oxide producer and it owns developed rare earth projects outside of China. Hence, the news about stricter regulations in China tend boost Molycorp's stock price. The shares of Molycorp are currently trading at $22.26, a gain of $1.60 or 7.74%.