This morning, rare earth stocks soared after news that China cut export quotas on rare earth materials, reducing global supply and forcing users to find alternate suppliers. The minerals are key components of high technology, clean energy and other products that rely on their properties for magnetism and strength.
A look at few stocks in the sector: shares of Molycorp gained 7%, Rare Element Resources shares gained 13%, Neo Material shares gained 6%, and Lynas Corporation shares surged 15%.
Meanwhile, the industry ETF, the Market Vectors Rare Earth/Strategic Metals ETF is higher by 6%.
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